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Bitcoin

$7 Billion In Losses Locked In: Bitcoin Short-Term Holders Show Largest Capitulation Of Cycle

Keshav Verma
by Keshav Verma
5 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin short-term holders have recently participated in the largest loss-taking event of the current cycle.

Bitcoin Short-Term Holder Realized Loss Has Hit High Levels Recently

In its latest weekly report, the on-chain analytics firm Glassnode has talked about how the situation of the Bitcoin short-term holders has changed following the market downturn.

The “short-term holders” (STHs) refer to the BTC investors who purchased their coins within the past 155 days. This cohort includes the new entrants into the market, who don’t tend to be too resolute. As such, it’s not uncommon to see the group participating in a panic selloff, whenever some kind of volatility emerges in the market.

Related Reading: Bitcoin Long-Term Holders Still Control 40% Of Network Wealth, Report Says

The recent price decline has been one such moment. First, here is a chart shared by the analytics firm that shows how the Relative Unrealized Loss of the STHs has developed during this event:

Bitcoin STH Unrealized Loss

Looks like the value of the metric has observed a spike in recent days | Source: Glassnode's The Week Onchain - Week 11, 2025

The “Relative Unrealized Loss” measures, as its name suggests, the total amount of loss that the STHs are holding onto. The ‘relative’ in the indicator’s name refers to the fact that this loss has been normalized according to the market cap.

As is visible in the graph, the Bitcoin STH Relative Unrealized Loss has observed a significant increase recently and has reached the upper threshold for losses recorded in bull markets historically (the red line).

Glassnode notes, though, “despite these elevated paper losses, the financial damage carried by new investors remains largely in line with the yen-carry-trade unwind on 5-Aug-2024.”

As long as an investor keeps sitting on their loss, it remains unrealized, but once they decide to make a transaction involving the underwater tokens, the loss is said to be ‘realized.’

Given that a portion of the group has been pushed underwater in the latest crash, it would be expected that the fickle-minded members of it would have capitulated at some loss. Here is another chart, this time for the loss that the STHs have actually realized:

Bitcoin STH Realized Loss

The trend in the STH Realized Loss over the last few years | Source: Glassnode's The Week Onchain - Week 11, 2025

As displayed in the above graph, the 30-day sum of the Bitcoin STH Realized Loss has reached the $7 billion mark recently, which is the highest value witnessed in the current cycle so far.

It’s also apparent from the chart, however, that while these losses are sizeable on their own, the same isn’t the case when stacked against the major capitulation events of the previous cycle.

Related Reading: Ethereum MVRV Drops To 0.9: Is This Bullish?

In the loss-taking event that followed the May 2021 selloff, the indicator’s value reached $19.8 billion. Similarly, it reached a high of $20.7 billion during the 2022 bear market. Both of these are clearly much larger in scale than the latest capitulation.

BTC Price

At the time of writing, Bitcoin is floating around $85,000, up almost 4% in the last 24 hours.

Bitcoin Price Chart

Looks like the price of the coin has been marching up over the past day | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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