According to CryptoQuant, short-term Bitcoin holders are recording losses.
Experts have called this period "cleansing of weak hands," when the asset price is lower than the cost price for new buyers.
They believe that the market is entering a transitional phase. $BNB
CryptoQuant analysts have noted increased pressure on short-term Bitcoin holders (STH) as the asset price has remained below their average cost price for a long time. $BTC
According to them, since October 30, 2025, Bitcoin has been trading below the realized price of STH at around $104,000, indicating a sustained loss zone for the newest market participants.
As explained by CryptoQuant, the STH group includes addresses that hold the asset for less than 155 days. Their profitability is measured by the STH MVRV metric, which compares the current market price with the average purchase price of this cohort. When the value drops below 1, it indicates unrealized losses.
Currently, the STH MVRV is in the range of 0.87–0.90, confirming that recent buyers are "underwater." At the current price of around $89,500, the gap between the market and short-term cost price remains significant.$ETH
