Analysis: Bitcoin short-term holders have been in loss for 8 consecutive months, with average unrealized loss of 14.4%

PA一线
PA一线
PANews, June 24 – CryptoQuant analyst Darkfost posted on X that Bitcoin short-term holders (STH) have been in a loss position for eight consecutive months. Their cost basis stands at approximately $74,800, with the current average unrealized loss at 14.4%, a notable improvement from 34% in early February. The STH cost basis has declined from $95,700 to $74,800, indicating that some short-term holders have been accumulating positions during the downturn, thereby lowering their average cost. During this cycle, the peak unrealized profit for STH occurred in March 2024 at 47%, while in October 2025, when BTC hit an all-time high, the profit margin was only 11%. Darkfost noted that reclaiming the STH cost basis would be the first positive signal of a shift in market dynamics. However, this level currently acts as resistance and serves as a reference price at which some holders choose to exit. After briefly returning to profitability on May 10, STH fell back into losses again.
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