Bitcoin short-term holders sold at a loss for most of the past week, according to on-chain analysis. The group, which holds coins for less than 155 days, saw its Spent Output Profit Ratio remain below the key neutral level, indicating sustained loss realization. The cohort’s supply also decreased by roughly 140,000 BTC over two weeks, while the average holder faces nearly 24% in unrealized losses.
Bitcoin’s short-term holders have continued to realize losses, as on-chain data found sustained selling pressure across most of the past week. According to the latest analysis, the Short-Term Holder Spent Output Profit Ratio remained below the neutral level of 1.0 for seven of the last eight days between March 2 and March 9.
A reading below 1.0 indicates that the cohort is selling at prices lower than their acquisition cost. As of March 9, the intraday average for the metric stood at 0.987, and only about 17% of observed blocks closed above the 1.0 threshold.
The 7-day moving average remained near 0.992, further supporting the view that loss realization has persisted for several consecutive days. The metric crossed above 1.0 only once on March 4, when Bitcoin’s price briefly reached $74,000.
Analyst Axel Adler Jr. explained that the first clear signal of a change in market conditions would be the metric closing above 1.0 for several consecutive days alongside rising prices. Over the past two weeks, the total volume of coins within the short-term holder cohort declined by roughly 140,000 BTC.
This reduction reflects either capitulation through realized losses or the natural aging of coins into long-term holder status. The cohort’s realized price remained around $89,028, while the market price traded near $67,000 during the period analyzed.
The difference represents an unrealized loss of roughly 24% for the average short-term holder. Adler observed that this gap creates a structural supply overhang in the market.
