BTC Short-term holder losses intensify… Similar pattern to early past bear markets

Short-term investors who have held Bitcoin for less than 155 days have recently recorded larger-than-expected losses in the correction market. On-chain data analysis company Glassnode diagnosed that this phenomenon is similar to when the past bear market began.

Glassnode analyzed, “The loss of short-term holders is excessive compared to the current correction level,” and “This may be a signal that the internal structure of the market has become unstable.” On the other hand, long-term investors who have held for more than 155 days often remain in the profit zone, but the wallets that bought Bitcoin near recent highs still have the potential for losses as they transition to long-term holders over time.

However, Glassnode added, “Looking at some investment sentiment indicators and on-chain flows, clear signals of a bear market entry have not yet been detected.”

This analysis suggests that selling pressure centered on short-term holders can act as an important variable in the medium-term flow of Bitcoin. The market is expected to react more sensitively to technical support lines and changes in investor sentiment for the time being.