Glassnode: Short-term Bitcoin investors have been in unrealized losses since November 2025

BlockBeats News, January 19 — Glassnode released data on social media indicating that the STH-NUPL indicator (measuring the ratio of unrealized gains and losses of new investors relative to the market value of short-term holders) has shown that since November 2025, new investors have been in a state of net unrealized loss. To bring this group back to a net profit state, the Bitcoin price needs to rebound to above approximately $98,000, which seems to be the minimum threshold.

BlockBeats Note: According to the historical patterns of bear markets and significant corrections, the ongoing decline during a bear market may cause these short-term holders (STH, new investors) to gradually give up their positions at unrealized losses (selling at realized losses). During the 2018 bear market, the STH-NUPL dropped to around -0.6, with many short-term traders cutting losses en masse, incurring huge losses, which ultimately cleared out a large amount of speculative bubbles and marked the market bottom before entering a new bull market. In the 2022 bear market (after the FTX collapse), STH realized record-breaking losses. After weak hands were cleared out, the price bottomed around $16,000, and then a bull market began.