The quarterly profit and loss (P&L) for short-term Bitcoin holders (STH cohort) is currently at -1.6K BTC, a decrease of 6.4K BTC since Bitcoin's price dropped to $56,000. This negative P&L suggests that many short-term investors are experiencing losses. However, despite these losses, there is no selling pressure among these individuals, indicating that they may be holding onto their positions in anticipation of a market rebound or to withstand volatility. If the P&L exceeds 20K BTC, it is expected that short-term holders may start selling their coins. The current state of the STH cohort provides insights into general trends in the cryptocurrency market and how short-term holders respond to market fluctuations.



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