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On-chain data shows Bitcoin short-term holders are continuing to capitulate, with net realized losses totaling $0.48 billion every day, according to Glassnode.
Glassnode reports that the Net Realized Profit/Loss has been negative for Bitcoin short-term holders recently. The indicator tracks the net profit or loss BTC investors realize through their selling activity.
The version relevant to this report focuses on short-term holders (STHs), defined as buyers from the last 155 days. Because STHs represent newer market entrants, their resilience tends to be lower, and they may be more likely to sell during periods of volatility.
Glassnode’s chart shows the 7-day exponential moving average (EMA) of the STH Net Realized Profit/Loss fluctuating during recent market volatility. The metric has remained negative since the period following the October high, when a price downturn pushed realized losses deeper into negative territory.
In January, the indicator moved back toward neutral as the market improved. However, the drawdown that began again toward the end of the month has driven the metric back to highly negative levels.
Glassnode said that while the intensity has cooled, the broader regime still indicates a market under pressure, with participants in a base formation phase continuing to capitulate.
Separately, CryptoQuant author IT Tech highlighted that the Bitcoin Coinbase Premium Gap has been negative recently. The Coinbase Premium Gap measures the difference between the Bitcoin spot price listed on Coinbase (USD pair) and that on Binance (USDT pair).
According to the chart referenced in the report, the metric has stayed in negative territory since mid-December, suggesting Coinbase users have been applying more selling pressure than Binance traders.
Bitcoin is reported to be trading around $64,000.
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