'Sharp upticks in short-term holder supply in loss tend to follow 'top heavy markets' such as May 2021, Dec 2021, and again this week,' one observer said.
Bitcoin's short-term holders, which tend to be sensitive to short-term price gyrations, are largely underwater on their coin holdings after the recent price slide, according to onchain data.
"Sharp upticks in STH Supply in Loss tend to follow 'top heavy markets' such as May 2021, Dec 2021, and again this week. Out of the 2.56 million BTC held by STHs, only 300,000 BTC is still in profit," Glassnode's weekly newsletter published Monday said. That's already happening. Per Glassnode, the flow of STH-owned coins, with acquisition costs higher than the going market rate, into exchanges, the so-called loss dominance of STH volumes flowing into exchanges, has recently increased. Investors typically move coins from personal wallets to exchanges when intending to liquidate position or use them as margin in derivatives trading.
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