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Bitcoin short-term holders have remained in profit for about a month, forming a pattern seen near the end of past bear markets, CryptoQuant contributor Darkfost said on X.
Darkfost said unrealized profits on BTC held by short-term holders are estimated at about $168 billion, while unrealized losses stand at slightly above $100 billion. In January, short-term holders briefly returned to profit but failed to hold those gains for more than a week, while in May more supply remained underwater. During the 2022-2023 bear market, the market trend reversed after short-term holders stayed in profit for a sustained period, Darkfost added. If BTC holds current levels and stabilizes above $80,000, the pattern could become a key indicator for judging whether the bear market has ended.