Quick Take
Bitcoin is currently hovering around the $60,000 mark, with approximately 2.5 million BTC held at a loss by short-term holders (STHs) who have held the digital asset for 155 days or less.
This figure has decreased from 2.8 million BTC on Aug. 5, when Bitcoin dropped to $49,000. However, the level of supply at a loss is similar to what was seen following the FTX collapse in November 2022.
Interestingly, just under 500,000 BTC held by STHs are in profit, one of the lowest figures recorded in the past 12 months. Of the 2.5 million BTC held at a loss, some will eventually evolve into long-term holders (LTHs) who plan to hold their BTC for at least 155 days to transition from STH to LTH status.
The drop to $49,000 on Aug. 5 prompted nearly 50,000 BTC to be sent to exchanges at a loss, marking the highest single-day figure since March as Bitcoin came off the all-time high and the fifth-highest this year. This suggests that if Bitcoin continues to decline, the selling pressure could intensify as more holders could be compelled to liquidate their assets.
The post Approximately 2.5 million BTC held at a loss by short-term holders appeared first on CryptoSlate.
