Bitcoin short-term holders have remained under water for eight consecutive months, with their average unrealized loss improving to 14.4% from more than 34% at the February peak, based on CryptoQuant data shared by on-chain analyst Darkfost. The cohort’s realized price, a proxy for aggregate cost basis, stands around $74,800 and continues to act as resistance for BTC. Short-term holders are typically defined as investors who acquired or moved coins within the past 155 days and are widely watched because they tend to be more sensitive to near-term market swings.