Bitcoin traders are facing the most pressure of this cycle in terms of unrealized losses, but analysts argue that ETFs only accounted for a maximum of 3% the recent selling pressure.
Bitcoin may be nearing a make-or-break point as short-term traders sit on the steepest unrealized losses of the current bull cycle.
Short-term Bitcoin (BTC) traders who have held BTC from one to three months have been sitting on losses ranging from 20% to 25% for over two weeks, marking the highest pain point of the current market cycle, according to CryptoQuant analyst Darkfost.
“Once a large portion of them has capitulated, as we have seen in recent weeks, that is usually when the opportunity to accumulate becomes interesting,” he wrote in a Monday note.
