Glassnode: Bitcoin Short-Term Holders Have Been in a State of Unrealized Loss Since 25 November

34 minutes ago

On January 19, Glassnode shared data on social media showing that the STH-NUPL metric—which measures the ratio of new investors’ unrealized gains/losses to the market value of short-term holders—has indicated new investors have been in a net unrealized loss position consistently since November 2025. To push this group back to net profitability, a Bitcoin price recovery to roughly $98,000 or higher appears to be the minimum threshold. ### BlockBeats Note Following historical bear market and sharp pullback patterns, prolonged declines may gradually force these short-term holders (STHs, or new investors) to capitulate while in unrealized losses.