Ah, the tale of our dear Bitcoin short-term holders, those brave souls who, armed with nothing but dreams and perhaps a touch of hubris, have plunged into the depths of despair! Like hapless sailors caught in a tempest, they find themselves adrift in a sea of red, their investments languishing beneath the waves of their own cost basis.
Short-Term Holders: A Comedy of Errors
In a recent whimsical exposition on X, the oracle of on-chain analytics known as Glassnode has unveiled the latest chapter in the epic saga of the Net Unrealized Profit/Loss (NUPL). This delightful metric, as its name playfully suggests, measures the collective fate of BTC investors, weighing their gains and losses with the precision of a tightrope walker balancing on a windy day.
Now, dear reader, let us pause to marvel at the absurdity of it all: while the cryptocurrency market dances a merry jig upwards, our heroes’ profits and losses swell like an overripe fruit, ready to burst. To bring clarity to this chaos, the NUPL compares net profit/loss against the market cap, transforming a mere number into a grand spectacle!
When the NUPL shines bright and positive, it heralds a golden age for BTC investors, basking in unrealized profits like sunbathers at a lavish resort. But alas! When the value sinks below zero, it’s akin to watching a once-proud ship take on water-our short-term holders are now well and truly underwater. Specifically, we focus on those intrepid souls who ventured forth to buy their coins in the last 155 days.
And now, behold, the illustrious chart shared by Glassnode, a visual delight that captures the tragicomic trajectory of the Bitcoin STH NUPL over time:
As illustrated in this vibrant tapestry of numbers, our short-term holders have recently been engulfed in negativity, clutching their net unrealized losses like a security blanket on a stormy night.
Their misadventure began back in November, when the price of our beloved cryptocurrency took a nosedive reminiscent of a clumsy acrobat falling off a trapeze. Although BTC found a hint of stability in December and even flirted with recovery in January, the short-term holders remain stuck in the quagmire of misfortune, unable to break free from their financial chains.
“Oh, the horror!” exclaims the analytics firm. “A recovery above ~$98K is the magic number needed to return this ill-fated cohort to a state of net profitability.” Now, we are left to ponder: will the streak of unrealized losses extend further into the abyss, or will BTC rise and reclaim its rightful place?
The NUPL, that sneaky little gremlin, provides insights into the unrealized fortunes of Bitcoin investors. Meanwhile, another mischievous metric called the Net Realized Profit/Loss reveals the harsh truth about the profits that BTC holders are actually “harvesting” in their transactions.
As noted by the insightful CryptoQuant head of research, Julio Moreno, our dear Bitcoin’s 30-day Net Realized Profit/Loss has recently dipped into negative territory, indicating that loss-taking has outpaced profit-taking. This marks the first time since October 2023 that the bitter taste of loss realization has dominated this timeframe, as displayed in the chart below:
The Price of BTC: A Tragicomedy
As of this moment, Bitcoin finds itself trading around $90,900, down more than 2% over the past week-like a weary performer struggling to hold the spotlight while the audience yawns.
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2026-01-21 06:16