Glassnode: 83.7% of short-term BTC holders are in a state of unrealized losses

Odaily News Cryptocurrency data analysis company Glassnode pointed out in its weekly report that both on-chain and off-chain transaction volumes in the cryptocurrency market have reached historical lows. Long-term holders of Bitcoin (BTC) remain confident in the market, but 83.7% of short-term holders are still at unrealized losses and they are becoming increasingly sensitive to price fluctuations. Additionally, they added that in terms of stablecoins, redemptions are continuing for all major stablecoins except USDT, leading to a continued decline in stablecoin supply since April last year. Compared to November last year, USDC supply decreased by $16.7 billion, while USDT supply increased by more than $13.3 billion. In the stablecoin market, USDT’s share increased to 69%, an increase of 25 percentage points from June last year.