比特幣（BTC）價格已停留在81,000至86,000美元的合併範圍內

While most on-chain indicators are painting a bearish image for the premier cryptocurrency, the latest piece of data suggests that the bull run might not be over just yet.

The price of Bitcoin has been consolidating within the $81,000 to $86,000 range over the past week, displaying a high level of indecisiveness between the bulls and bears. While most on-chain indicators are presenting a bearish image for the premier cryptocurrency, a latest piece of data suggests that the bull run might not be over just yet.

Investors Not Yet In Full Panic Mode: Blockchain Firm

In a new post on X, blockchain analytics firm Glassnode shed light on how a specific class of Bitcoin holders, known as the “short-term holders” (STH), are facing increasing market pressure. This on-chain observation is based on the value of unrealized losses of this investor cohort.

For clarity, an unrealized loss is one that is still on paper, as the investor is still holding on to and selling an asset (with a declining value). A loss only becomes “real” or “realized” when the holder sells the asset at a value lower than the purchase price.

According to Glassnode, the unrealized losses of Bitcoin investors have been accumulating in recent times, pushing the short-term holders toward a significant +2σ threshold. The STH Relative Unrealized Loss metric hitting the extreme +2σ threshold has been linked to increased selling pressure in the past.

However, Glassnode noted that the size of the STH losses remains within the typical range observed during a bull market. In fact, the magnitude of these losses pales in comparison to the market-wide sell-off witnessed in 2021, suggesting that the bull cycle might not be done yet.

To further illustrate this, Glassnode revealed that the rolling 30-day realized loss for Bitcoin’s short-term holders has now surpassed $7 billion, representing the largest sustained loss event in the current cycle. Despite the magnitude of this figure, it is still far less severe than the capitulation events seen at the start of past bear markets.

For instance, Bitcoin’s realized losses reached as high as $19.8 billion and $20.7 billion during the major price corrections in May 2021 and 2022, respectively. Considering that the realized losses are still well below past capitulation events, there is a chance that the market has not yet reached a full-scale panic mode.

Bitcoin Price At A Glance

At the time of writing, the price of Bitcoin is trading at around $84,300, reflecting a 0.3% increase in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by merely 0.6% in the past seven days, highlighting the choppy state of the market.

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