Bitcoin's short-term holders are experiencing substantial daily losses, averaging $0.48 billion, as the cryptocurrency navigates a period of market pressure. This data, derived from on-chain analytics, highlights the capitulation phase for investors who acquired Bitcoin within the last 155 days.
The Net Realized Profit/Loss metric, which tracks selling activity, has plunged into negative territory. Following a brief recovery in January, recent price declines have again pushed this indicator to a significantly red level. Analytics firms note that while the intensity of losses has cooled, participants are still in a base formation phase, indicating ongoing capitulation.
Further analysis suggests a lack of robust demand from major U.S. institutional investors, evidenced by a sustained negative Coinbase Premium Gap. This indicator, comparing Bitcoin's spot price on Coinbase to Binance, has remained in the red since mid-December, implying higher selling pressure from Coinbase users.
Bitcoin is currently trading around the $64,000 mark.