Short-term holders' realized price is around $62-63K. These are investors who bought BTC within the last 155 days or less. On-chain data shows that the longer someone holds BTC, the more likely they are to keep holding. Short-term investors, however, tend to be more skittish.
Many of these recent buyers got in through Spot ETFs. If we take GBTC out of the picture, the realized price for Spot ETF investors drops to around $55-56K. This means these investors are newer to the market and more likely to react to news and market changes, possibly selling at break-even or with a small loss.
Right now, sell-side liquidity for BTC is strong due to several factors: actions by the US and German governments, moves by miners, the Mt. Gox situation, and the uneasy positions of short-term holders. The big question is whether Spot ETF investors can pass this test. We’ll see if they have a long-term vision or if they’ll bail out quickly.
Written by Kripto Mevsimi
