BlockBeats News, July 23rd, CryptoQuant analyst Darkfost stated in a post that short-term Bitcoin holders (holding for no more than 155 days) have been in a continuous state of unrealized losses for about nine months, a characteristic that is usually closer to a bear market environment.

By estimation, the short-term holders' cost basis is around $68,800, so there is still some overall pressure. Currently, as Bitcoin attempts to stay above $65,000, short-term holders are expected to continue selling at a loss of around 4%.