Analyst: Bitcoin has fallen below the realized price for short-term holders, who are facing a 10% unrealized loss

CryptoQuant analyst Axel Adler Jr. stated that the price of Bitcoin has fallen below the realized price of short-term holders (STH) and has been below the level of $75,429 for five consecutive days. Overnight, Bitcoin dropped to around $68,000, with a price-to-cost ratio of 0.9, indicating that short-term holders are facing an unrealized loss of about 10%.

Additionally, the MVRV Z-Score decreased by 0.13 points this week to 0.54, showing that the market's unrealized profit buffer is shrinking but remains positive. Analysts pointed out that Bitcoin is still in a correction phase, and if the price continues to rise above the STH realized price, it will strengthen expectations for market support formation; if the MVRV Z-Score falls below zero, it may indicate that the market is facing deeper pressure.