Gate News reported that on March 17, according to Glassnode data, Bitcoin price made a modest breakthrough above $74,000 this week, with short-term holder realized profit (STH-Realized Profit, 12-hour simple moving average) surging to $18.4 million per hour. This is consistent with the pattern observed in February: short-term holders continuously drain momentum from each bounce at the $70,000 level, absorbing upward momentum before any real breakout can form.

PANews January 19 News, according to Glassnode on-chain data, the STH-NUPL indicator, which measures unrealized profit and loss for short-term holders (STH), has remained in negative territory since November 2025, indicating that new investors are generally in a net loss. Analysis points out that Bitcoin's price needs to rebound to above approximately $98,000 for this group to return to overall net profit.

Odaily Planet Daily reports that Glassnode posted on the X platform that the STH-NUPL indicator (measuring the ratio of unrealized gains and losses of new investors relative to the market value of short-term holders) shows that since November 2025, new investors have been in a state of net unrealized losses. Analysis indicates that to bring this group back to a net profit state, the price of Bitcoin needs to rise to over approximately $98,000. This data reflects a short-term market pressure situation, and the recovery of short-term investors' profits still depends on Bitcoin's price stabilizing and breaking through key resistance levels.

Golden Finance reports that CryptoQuant analyst Axel Adler Jr stated on social media that the Bitcoin market is currently in a correction phase, retracing 30% from its all-time high. Two on-chain indicators—short-term holder spent profit and loss ratio (STH SOPR) and profit/loss blocks (P/L Block)—show that market participants are realizing losses, and market sentiment is deteriorating. Short-term holders are exhibiting capitulation behavior, and the current market faces local pressure.

Amid the rising risk aversion in the overall market, the fundamentals of Layer 1 public chains are also under pressure, with Solana (SOL) becoming one of the most watched cases. From a price performance perspective, SOL has fallen about 37% this quarter, marking the largest quarterly decline since Q2 2022, and becoming one of the worst-performing mainstream cryptocurrencies during the same period, with market confidence and FOMO sentiment continuing to cool down. On-chain data further reinforces the characteristics of a "surrender phase." SOL has retreated over 50% from its $250 high, with short-term holders' realized losses significantly increasing, and STH NUPL rapidly declining, indicating a large amount of chips changing hands in the loss zone. Meanwhile, LTH NUPL for long-term holders has fallen back to levels seen in April of this year, when SOL experienced about a 30% drop. This suggests that even long-term capital is gradually losing patience.

According to ChainCatcher, citing Glassnode data, this round of BTC correction has triggered the largest spike in realized losses since the FTX collapse at the end of 2022. Short-term holders (STH) accounted for the majority of the losses, while losses among long-term holders (LTH) were relatively limited, indicating that the pressure is mainly concentrated on recent buyers.

ChainCatcher news: Trader Murphy posted that the main sources of selling pressure currently are the profitable chips held by long-term Bitcoin holders (LTH) and the underwater chips held by short-term holders (STH). For STH, after panic is released in a concentrated manner, if the price stabilizes or shifts from a sharp drop to a slow decline, the selling pressure will gradually decrease; as for LTH, if their realized profit and loss ratio declines, their motivation to sell will decrease. Currently, the number of new BTC addresses has temporarily stabilized after a round of decline, but the amount of BTC held by them is still decreasing. This indicates that the overall risk appetite of BTC investors has not significantly improved, resulting in a lack of new demand. He believes that before seeing a clear recovery in demand, the reasonable expectation for BTC in December should not be an immediate reversal, but rather no further sharp or deep declines, and a corresponding rebound after an oversold situation.