All Short-Term Bitcoin Holders Are Now Underwater: Analysts

“Short-term holders are in extreme pain right now,” said market analyst and 21st Capital co-founder Sina on X on April 8.

He observed that the biggest accumulation zone around current prices was at $98,000 for the amount of 245,000 BTC. “These people are in deep, dark pain,” he said.

“All cohorts of short-term holders (STH) are now in big losses.”

The short-term holder cohort refers to Bitcoin investors who have held their assets for less than 155 days.

Short-term holders are in extreme pain right now.

1/ The biggest accumulation zone about the current price was at $98K for the amount of 245K BTC!

These people are in deep dark pain. pic.twitter.com/7lecUTyOuC

— Sina ️ 21st Capital (@Sina_21st) April 7, 2025

Unrealized Losses at 2024 Levels

The exception would be those who bought during yesterday’s dip when the asset plunged to $74,600, but the vast majority of short-term holders purchased at much higher levels.

The analyst looked into the short-term holder MVRV ratio, noting that they are at about 18% unrealized loss on average. This is equivalent to the levels at the bottom of the 2024 price action when Bitcoin dropped to $52,000.

“Interestingly, this level of unrealized loss was also seen at the bottom of the bear market,” he observed before adding that the depths of the bear market were significantly worse as STH unrealized losses reached lows of 40%.

Analyst James Check confirmed the situation, stating that almost 100% of the short-term holder supply is now underwater and holding losses. “This represents over 25% of the Bitcoin supply,” he added.

Almost 100% of Short-Term Holder supply is now underwater and holding losses. This represents over 25% of the Bitcoin supply.

We have now reached the lower bound of the $75k to $86k ‘air-pocket’ I started describing back in December.

Wild times folks.
Sit tight. pic.twitter.com/a87csqokjZ

— _Checkmate ️ (@_Checkmatey_) April 7, 2025

Meanwhile, Glassnode observed that whales were still accumulating as of the end of March despite weak hands and panic selling from newbie investors and traders.

It added that the asset has found support at the $74,000 level, which “aligns with the first major supply cluster below $80,000 and over 50K BTC at $74,200.”

The analytics platform added that the downside may slow down a bit from here: “Between $74,000 and $70,000, there’s a total of ~175K BTC in cost basis clusters.”

The Bitcoin correction is now around 32% from its peak price on January 20, observed “Rekt Capital.” This is in line with corrections in previous bull market cycles.

#BTC

This current Bitcoin correction of almost -31% is very close to equalling the retracement depth of the Post-Halving pullback of almost -33%$BTC #Crypto #Bitcoin pic.twitter.com/DX93gsSFKA

— Rekt Capital (@rektcapital) April 7, 2025

Bitcoin Price Outlook

BTC is recovering from its 2025 low on April 7 and tapped $80,000 during the Tuesday morning Asian trading session.

The asset spiked in late trading on Monday following fake news that the Trump administration would pause tariffs for 90 days. It retreated back below $77,500 before building momentum to reach $80,800 on Tuesday morning.

However, it remains to be seen if this level will hold as Trump has threatened China with additional tariffs, and the People’s Republic responded by stating “will fight until the end,” potentially adding more market volatility today.