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Benzinga
Benzinga
Business
Samyuktha Sriram

Only 2.2% Of Short-Term Bitcoin (BTC) Holders Still In Profit

On-chain data from Glassnode shows that only 2.2% of short-term Bitcoin (CRYPTO: BTC) holders are still in profit.

What Happened: In the latest edition of its weekly newsletter, Glassnode analysts observed that a great majority of investors are holding unrealized losses.

“Meanwhile, LTHs have seen their share of profitable supply drop from 68.5% in April to 55.7%” stated the report.

At these levels, analysts found that long-term holders appear to be shouldering much of the market’s unrealized losses.

They also observed that the growing dominance of long-term holders and diminishing share of short-term holders are consistent with the trend seen in the late stages of a bear market.

“In the last two extended bear markets, the 14 DMA of this metric broke above the 90% threshold line. This means under the psychological pressure of bearish price action, short-term holders were holding < 10% of the profit in the market,” stated the analysts.

“With the recent leg down to sub $30K range, this metric crossed over the 90% threshold.

Essentially, the data shows that almost all buyers since January 2021 are holding unrealized losses.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $30,319, up 2.73% over the last 24 hours. The leading digital asset is currently trading 56% lower than its all-time high ahead of $69,000.

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