Glassnode: Short-Term Bitcoin Holders Face Losses, Market May Enter Reset Phase

Key Points:Glassnode data shows Bitcoin’s short-term holder NUPL (Net Unrealized Profit/Loss) has turned negative.This indicates recent investors are now under pressure, realizing losses.Historically, short-term holder capitulation has often preceded market resets or new accumulation phases.Market ContextOn September 29, Glassnode reported that Bitcoin’s short-term holder NUPL has entered a loss-making zone. This shift suggests that newer investors who bought during recent highs are now facing realized and unrealized losses.Analysts note that when short-term holders capitulate, it frequently marks a transition point in market cycles, either triggering further downside or setting the stage for a new accumulation phase led by long-term investors.