On-chain data shows nearly all Bitcoin short-term holders are currently underwater, according to CryptoQuant community analyst Maartunn. What the data says - Short-term holders (STHs) — defined here as investors who bought Bitcoin within the last 155 days — currently control about 5,198,409 BTC. - Despite holding that large pool, STHs are overwhelmingly loss-making: 96.8% of their supply is in unrealized loss, while only 3.2% sits in unrealized profit. - That loss concentration is measured by the Supply in Loss metric, which scans each coin’s on-chain history to compare its acquisition price (cost basis) with the current market price. Coins bought for more than today’s price count as “in loss”; the inverse is tracked by Supply in Profit. Trends and context - The STH balance has been shrinking recently as coins mature into the long-term holder (LTH) cohort — investors who have held for more than 155 days. That shift signals rising HODL sentiment amid the recent market downturn: fewer coins are circulating among short-term traders and more are settling into longer-term positions. - Still, the near-universal underwater position of STHs highlights the market’s fragility; while many may simply sit and wait to breakeven, a further price slide could trigger capitulation. Notable on-chain move - Maartunn also flagged a movement of coins that had been dormant for over ten years — a rare transfer that could indicate either recovered lost funds or an unusually patient holder deciding to transact. Price backdrop - At the time of reporting, Bitcoin trades around $66,600, down more than 6% over the past seven days. Bottom line On-chain indicators paint a picture of a short-term cohort deeply underwater but shrinking in size as more Bitcoin graduates to long-term holders. That reduces immediate circulating supply but leaves the market sensitive to further downside moves. Read more AI-generated news on: undefined/news