PANews reported on January 19th that, according to Glassnode on-chain data, the STH-NUPL metric, which measures the unrealized profit or loss of the short-term holder (STH) group, has been consistently negative since November 2025, indicating that new investors are generally in a net loss position. Analysis suggests that the price of Bitcoin needs to rebound to above approximately $98,000 for this group to return to a net profit state.