Market intelligence firm Glassnode says that Bitcoin (BTC) could soon face sell-side pressure from short-term holders (STHs) eager to cash in on the king crypto’s latest price uptick.
In a new analytics report, Glassnode finds Bitcoin’s recent surge to $23,000 pushed 97.5% of its short-term holders into the green at one point during the week, something that hasn’t happened since the top crypto asset by market cap hit its all-time high in November 2021.
The crypto analytics platform defines short-term holders as those holding BTC for less than 155 days.
According to Glassnode, 97.5% of STHs having unrealized gains historically marks that sell pressure is on the horizon.
“Interestingly, during bear markets, when [over] 97.5% of the acquired supply by new investors is in loss,