Bitcoin Short-Term Holders Begin Mild Loss Realization Amid Price Decline
On-chain analytics firm Glassnode has analyzed the behavior of short-term Bitcoin holders during price downturns. Key points include:
- Bitcoin is currently experiencing mild loss realization among short-term holders.
- A significant amount of supply has a cost basis between the current spot price and $120,000.
- The Cost Basis Distribution indicator shows accumulation below $120,000 since early July.
- The Spent Output Profit Ratio (SOPR) indicates that recent buyers are selling at a mild loss, with values between 0.96 and 1.01.
- Capitulation typically occurs when SOPR drops below ~0.9, which could signal local bottoms.
- As of now, Bitcoin's price is around $116,000, down 2% over the past week.
