Bitcoin Short-Term Holders Face 6% Average Loss, With No Signs of Mass Selling

Forecast Trend Report by Period

Bitcoin short-term holders are sitting on unrealized losses of about 6% relative to their average purchase price, but limited realized losses suggest the market has yet to enter a full-scale capitulation phase.

MVRV, a metric that shows the average profit-and-loss position of short-term holders, is about 0.94 and has remained below the baseline of 1 for 98 consecutive days. That indicates short-term holders have been in a loss position on average for more than three months.

SOPR, which tracks realized profit and loss during actual sales, is closer to break-even. Its seven-day moving average stands at about 0.996. Adler wrote that short-term holders are realizing losses, but the scale is limited, making current conditions closer to a controlled loss phase than to capitulation.