Short-term Bitcoin holders reel as almost all sit in losses
With almost all short-term Bitcoin holders now underwater, a “degree of panic is dominating this group,” Glassnode says. The Bitcoin (BTC) market sentiment has shifted towards the negative for the first time since the end of 2022. Almost 98% of short-term holders (STH) supply is now held at a loss, Glassnode revealed in a recent report. The market is now at the deepest level since FTX collapsed. The analysts add that the cost basis of those investors who are spending crypto at current levels fell below the cost basis of holders . Bitcoin investors confidence since 2019 | Source: Glassnode This behavior suggests a “degree of panic” among short-term investors, which might indicate the unwillingness of STH to buy or sell crypto in the near term. You might also like: JP Morgan lowers Bitcoin production costs after CBECI update Glassnode pointed out the market has seen a “modest influx of new investors.” And yet, the influx of new investor...