2026-01-20 02:29:52

Short-term Bitcoin holders have been in overall loss for more than two consecutive months. According to the latest on-chain monitoring data, this phenomenon is visually reflected by the STH-NUPL indicator — which measures unrealized gains and losses of short-term holders (positions held within 155 days) — and has not turned positive since November of last year.

What does this mean? Simply put, investors who bought in the past three months are basically trapped. More painfully, there may be ongoing selling pressure in the short term — after all, these trapped funds could choose to cut losses at any time or exit when prices rebound. From the perspective of attracting incremental capital, the lack of profit-making effects is a clear drag on market sentiment, and investors' mindset is also noticeably conservative, even somewhat pessimistic.

Data shows that Bitcoin needs to rebound to nearly $98,000 for this group of short-term holders to turn overall profitable. Currently, the price is around $95,000, which means a slight rebound is still needed to reach this break-even point. This price level will undoubtedly become a psychological threshold and technical resistance in the short term.

From a market momentum perspective, once Bitcoin can stabilize above $98,000 and short-term holders turn profitable, the selling pressure from those looking to realize gains may gradually ease, providing more room for subsequent rebounds. However, before reaching this critical level, oscillations and attempts to break through are likely to recur.

BTC-1,69%

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HashRatePhilosopher

· 4h ago

I'm trapped again, this wave is really tough --- 97,000 is needed to turn red? We'll have to wait until the Year of the Monkey --- Short-term holders are all bagholders, wake up --- Lack of profit-making effect is like chronic poison, it's frustrating to watch --- Still waiting for a rebound to break free, I advise you not to think about it --- Only 3,000 yuan between 9.5 and 9.8, can't break through --- That's why I only hold long-term, short-term players are really cannon fodder --- It's time to test your mentality again, brothers, hold on --- Selling pressure is huge, a rebound happens and it crashes down --- STH is already losing money, indicating that the bottom-layer players have been wiped out --- The psychological barrier is stuck at 9.8, let's see if it can break --- The market is like this, some are happy, some are worried --- Trapped for two months and still struggling, have you put on your pain mask yet

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ExpectationFarmer

· 4h ago

Once again, trapping people, this is the curse of the crypto world --- The 98,000 level must be broken through, otherwise it will always be a psychological shadow --- Honestly, we still have to wait for the short-term release of the relief rally, otherwise the space will be locked up --- Two months without becoming permanent? Forget it, this time it might just range sideways forever --- Who would enter without profit-taking effects? Everyone is watching on the sidelines --- A slight rebound turning red? Sounds simple, but in reality... you know it well --- Selling pressure is huge, this round of rebound is probably just a fake-out --- From 9.5 to 9.8 only 3,000 dollars apart, it sounds close but is actually very far away --- Short-term holders are all in, this is a shakeout for the big players --- The market sentiment is so pessimistic, is the bottom really this close?

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rugpull_survivor

· 4h ago

98,000 is the hurdle... Gotta wait again. Those who cut losses have already done so, now it depends on who can hold on.

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CoconutWaterBoy

· 4h ago

Once again, I'm trapped. This time, it's the short-term traders' turn. It takes 98,000 to turn red again, and everyone is waiting for this magical price level. The pressure to cut losses is immense. Who knows when it will rebound? The profit-taking effect is gone. No wonder the market is so dead. It's been over 3300 days without going official; how painful must that be... Short-term holders have really become bagholders, repeatedly getting caught in the cycle. Just 3,000 yuan away from a rebound to turn red? Feels like it's forever out of reach. This wave of market movement has definitely not given newbies a chance to make money. If it weren't for this psychological price point of 98,000, I would have sold already. Being trapped for over two months has really crushed my mentality. It's hard to endure.

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