The Bitcoin price has recently surged above a critical on-chain level, pushing short-term holders (STHs) back into profit. According to data from BitcoinMagazinePro, BTC broke above the STH Realized Price, which sits at approximately $79,000. This metric tracks the average cost basis of investors who acquired coins within the last 155 days. When spot price exceeds this line, it historically signifies a bullish phase, as STHs are less likely to sell at a loss.
However, on-chain analytics firm Glassnode reveals that despite the rally, the network continues to see significant realized losses. The 14-day SMA of Bitcoin Realized Loss currently stands at $479 million per day, about 140% above the $200 million baseline observed during stable cycle phases. This indicates that many investors are still selling their coins at a loss, possibly fearing that the price uptrend may be unsustainable. A sustained drop below $200M per day would be a strong signal of selling exhaustion and a healthier demand regime.
The conflicting signals highlight a cautious market: while STHs are back in the green, the overall high loss-taking suggests broader skepticism. Bitcoin is now trading around $80,100, up over 5% for the week.