Bitcoin Drops Below Short-Term Holder Cost Basis

The evidence overwhelmingly supports the statement. The most authoritative source provided is Glassnode, the on-chain analytics firm that calculates the 'Short-Term Holder Realized Price' metric. Glassnode's own communication explicitly confirms that Bitcoin's price is trading below this cost basis. This primary evidence is the strongest possible confirmation.Furthermore, this fact is consistently corroborated by a wide range of secondary sources, including reputable crypto-native publications like Bitcoin Magazine Pro and Cointelegraph, as well as financial analysis sites. These sources not only repeat the information but also attribute it to on-chain analytics, reinforcing the credibility of the claim. There are no contradictions among the provided sources; they all uniformly support the statement.Several sources describe the same phenomenon using different but consistent terminology, such as short-term holders being 'underwater,' experiencing 'capitulation,' or their 'realized P/L turns negative,' all of which are direct consequences of the market price falling below their average cost basis. The breadth and consistency of the evidence from the primary data originator and multiple independent reporting bodies provide high confidence in the truthfulness of the statement.