Those who bought Bitcoin in the last 6 months are currently at a loss. This metric shows us the realized price by taking into account the price at which it was last transacted, not the current price of Bitcoin. When we examine those who bought Bitcoin within the last 6 months:

The 1M-3M UTXO band indicates that there was a lot of purchasing and accumulation during the distribution phase of the price, which brings the price very close. Currently, these holders fall into the STH (Short-Term Holder) group, and their average cost at this stage is $66,625. This cost has turned into a loss for them. As the price drops, they continue to remain steady.

The 1W-1M UTXO band is currently selling bitcoins at a loss while following the price. It is unknown how much loss they will incur.

Finally, when we examine the 3M-6M group, we see that their average purchases are currently above the price. We know that they are currently at a loss. This group covers both the STH group and part of the LTH (Long-Term Holder) group. Therefore, everyone who bought within the last 6 months is currently at a loss.

So, what happened before? Before the price reached these levels, we know that from April 2023 to October 2023, the price created a range and we stayed in this area for a long time. This area appeared as an accumulation phase, and after those who bought BTC within 6 months experienced losses again, we started to rise. The same could happen again. The situation here will be that after some metrics cool down and create the necessary liquidity, we could start to rise. We need some time for this. This image is quite normal during accumulation phases.

Summary: While the STH group is incurring losses, a small portion of the LTH group is also seeing losses. The market tends to move this way during accumulation phases. Not everyone can participate in the rise. If we look at the examples, we started to rise after some loss-making positions were sold within the range we saw in 2023.

Written by XBTManager