Analyst: Currently, the short-term holders of Bitcoin have an average cost basis of approximately $85,400, with an unrealized loss of about 19.4%.

Golden Finance reports that on April 7, CryptoQuant analyst Darkfost posted that in the current dynamics of the Bitcoin market, the most affected are short-term holders (STH), meaning investors who hold BTC for less than six months. At present, their cost basis is about $85,400, which is significantly higher than the current market price. As a result, they are currently on average in roughly 19.4% unrealized losses.
This situation usually triggers two main behaviors:
• Some investors choose to remain patient, continue holding BTC, and wait until it turns into long-term holding (LTH). (This trend has already begun to show, with the long-term holder supply increasing by about 300k BTC.)
• Other investors may panic and decide to exit the market, either cutting losses and leaving, or letting late entrants offload with a small profit. It is this latter group that often intensifies market volatility and may trigger “capitulation” (capitulation-style selling).
Historically, when short-term holders’ unrealized losses exceed 25%, this level often corresponds to the early stages of a market bottom. However, these periods are also typically accompanied by higher volatility, during which investors with weaker risk tolerance are more likely to be forced out.