Bitcoin was trading below the cost basis of short-term holders, a level often watched for signs of market stress and potential overhead supply. CryptoQuant analyst Axel Adler Jr. said on X that Bitcoin changed hands at $64,952 as of August 8, 2026, while the short-term holder realized price, or the average purchase price of coins held for less than 155 days, stood at $67,523. That left the spot price 3.8% below the level, a gap of $2,571 and the narrowest since July 21. Over the past 284 days, Bitcoin has closed below the short-term holder realized price for 279 days. Adler said this time may not be an exception, arguing that short-term holders could begin selling to exit positions at breakeven.