Bitcoin trades at $67,700, struggling to push higher despite holding above a key $65,600 support level. On-chain data reveals short-term holders are deeply underwater, with their collective cost basis near $85,800. This has led to sustained selling pressure from this cohort, while whale selling has slowed recently, indicating a potential shift in large-player behavior.
Bitcoin was trading at $67,700, having rebounded from a low of $66,200. The price remained above the $65,600 demand zone, though bulls faced difficulty advancing it further.
Crypto analyst Axel Adler Jr revealed the short-term holder realized price was near $85,800. Bitcoin’s market price has traded below this level for months, with the STH realized price dropping -5.35% year-on-year, a condition not seen since the 2022 bear market.
The analyst also observed that the short-term holder’s output profit ratio has been below 1 since December 2025. “STHs have been selling Bitcoin at a loss for months now,” which historically aligns with bear market conditions.
The press time SOPR reading of 0.989 hinted at moderate selling pressure. As stated, any price bounce could be sold into as participants seek to cut losses.
Separately, analyst Darkfost noted whale activity slowed after a period of high activity in February and early March. The 30-day Bitcoin whale inflows to Binance fell from 4,000 BTC to 1,600 BTC during a March rally to $76,000.
However, Bitcoin’s recent retreat below $70,000 prompted fresh selling from other market participants. The 7-day moving average of the exchange inflow Coin Days Destroyed has been rising, indicating more long-term sellers may be positioning to sell, though levels remain below February’s peak.
