Nearly All Short-Term Bitcoin Owners Are Underwater, On-Chain Data Reveals

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at today's chart of the day. Nearly 90% of Bitcoin short term holders are underwater. According to glass node data, short term holders have held on to their coins for 100 and 55 days or less. This means that 2.26 million Bitcoin of the 2.56 million held by short term holders were acquired at a higher cost than the going market rate in glass nodes weekly newsletter. The analytics firm said quote sharp upticks in short term holders supply in loss 10 to follow top heavy markets such as May 2021 December 2021 and again this week and quote, only 12% of Bitcoin held by this group is still in profit. Bitcoin is currently trading steady around $26,000. That's a wrap for today's chart of the day. I'm Jenna. We'll see you next time to unpack more of the data behind top news stories.