We can gauge short-term holders' reaction to market sentiment shifts by comparing the cost basis of spending new investors to that of all new investors. This difference, when normalized by spot price, highlights periods of overreaction to extreme profit or loss conditions. Recently, investors who bought in the last 155 days have shown more confidence than in previous bear markets, with the magnitude of realized losses remaining relatively low compared to their cost basis. This suggests a more resilient sentiment among newer Bitcoin holders despite the market downturn.