Recent on-chain analytics confirm that Bitcoin holders have collectively experienced a continuous 30-day period where realized losses outweighed realized profits, a trend not witnessed since December 2023. This metric, known as Net Realized Profit/Loss (NPRL), has remained consistently negative, signaling that investors selling their BTC are, on average, exiting their positions at a price lower than their initial acquisition cost.
This prolonged streak of realized pain marks a sharp reversal from the profitable environment that characterized the first quarter of 2024, which saw prices climb rapidly following the approval of U.S. spot Bitcoin ETFs. The losses are predominantly driven by short-term holders (STHs) who acquired Bitcoin during the recent local peaks (around the $71,000 to $73,000 range) and are now being forced to liquidate their holdings amid the recent market consolidation.
Analysts suggest this sustained period of negative realization is indicative of a necessary market cleansing, often referred to as ‘investor capitulation.’ While the price action has stalled and volumes have decreased, the shedding of weaker hands through realized losses is seen as a key phase in resetting market sentiment and preparing the asset for its next sustainable upward move. Long-term holders (LTHs), however, remain largely unfazed, continuing to accumulate or hold their positions steady.
Source: Bitcoin holders see first 30-day stretch of realized losses since late 2023
コメント