𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 𝐇𝐨𝐥𝐝𝐞𝐫𝐬 𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐏𝐍𝐋𝐏

🔍 PNLP (Profit and Loss Percentage) Metric: Measures the percentage of unrealized profit or loss for those who bought Bitcoin a long time ago and still hold it.

𝟏. 𝐒𝐡𝐨𝐫𝐭-𝐓𝐞𝐫𝐦 𝐇𝐨𝐥𝐝𝐞𝐫𝐬 (𝐒𝐓𝐇): Currently, 4.46% of Short-Term Holders are in loss. This low percentage suggests that, despite some losses, there are no signs of imminent capitulation. Historically, when the percentage of losses among Short-Term Holders reaches around -60%, it often marks local bottoms in Bitcoin's price. With the current 4.5% still far from this critical point, it indicates relative market stability, without panic or large-scale forced selling.

𝟐. 𝐋𝐨𝐧𝐠-𝐓𝐞𝐫𝐦 𝐇𝐨𝐥𝐝𝐞𝐫𝐬 (𝐋𝐓𝐇): On the other hand, 58.27% of Long-Term Holders are currently in profit. However, this metric peaked at 74% on March 13 and has now decreased by 16% in the overall profit margin. Historically, when PNLP for Long-Term Holders begins to decline after reaching high levels, it can signal a potential bear market that may manifest months later. Since late 2017, we haven’t seen PNLP approach 100% again. The recent decrease suggests that, while most Long-Term Holders are still in profit, the weakening of this margin could indicate a possible slowdown or bearish trend in the future.