Bitcoin holders who purchased within the last six months are currently incurring losses, according to a recent analysis of on-chain data. The 1M-3M UTXO band, representing short-term holders (STH), shows a significant amount of purchasing during the distribution phase, with an average cost of $66,625, which is now a loss.

The 1W-1M UTXO band is selling bitcoins at a loss, and the extent of their loss remains uncertain. The 3M-6M group, a mix of STH and long-term holders (LTH), is also at a loss, with their average purchase price above the current market price.

However, this is not an unusual market pattern. Similar trends were observed from April to October 2023, during which the price range was established and held for an extended period. This period was identified as an accumulation phase, followed by a rise in price after some loss-making positions were sold.

In conclusion, while the STH group is experiencing losses, a small portion of the LTH group is also affected. This trend is typical during accumulation phases, and a price rise could follow once certain metrics cool down and necessary liquidity is created.