Bitcoin is trading under a key short-term investor break-even, and on-chain signals suggest further pressure unless it reclaims that level. On May 22, analyst Axel Adler Jr. flagged that Bitcoin is struggling to climb back above the Short-Term Holder (STH) Realized Price — the average acquisition price of newer BTC entrants — which he places at roughly $80,217. Adler’s chart showed Bitcoin already beneath that threshold (his snapshot listed a current price near $77,550), meaning many short-term holders are sitting in unrealized losses and could be more likely to sell. Those selling dynamics are already visible in realized P/L figures: net realized profit has swung to about –$176 million, the result of $366 million in realized losses versus $190 million in realized profits among short-term traders. Adler’s takeaway: until BTC convincingly clears the ~$80.2K STH breakeven, rallies are at risk of being only temporary relief moves rather than signs of a sustained trend reversal. As price approaches the STH breakeven, selling pressure tends to rise because investors who are underwater are more likely to exit. Fueling the bearish picture from the U.S. retail side, analyst Maartunn pointed to a sharply negative Coinbase Premium Gap in a separate X post. The Coinbase premium tracks the buying/selling balance on the U.S.-focused exchange; when it turns negative it signals heavier selling or weaker demand from U.S. traders. Historically, deep negative premiums have coincided with corrective phases and short-term fear — and in some cases they appear before local bottoms once selling exhausts. Price context: at time of Adler’s post BTC was under the STH cost basis; by the article’s publication Bitcoin sat around $75,514, down roughly 2.6% over the past 24 hours. Bottom line: on-chain metrics are warning that short-term holders are under water and U.S. order flow is skewed toward selling. Bitcoin will likely need a clear break above the ~$80.2K STH realized price to confirm any durable bullish shift; otherwise, current bounces may remain unconfirmed relief rallies. Read more AI-generated news on: undefined/news