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Bitcoin at $67.7K as Short-Term Holders Stay in Loss

Bitcoin Trades at $67.7K While Short-Term Holders Remain in Loss – On-Chain Data Signals Continued Selling Pressure

Key Takeaways

• Bitcoin was trading at $67,700 after rebounding from a $66,200 low on 31 March.
• The short-term holder realized price stands near $85,800, well above the current market price.
• Short-term holder SOPR has remained below 1 since December 2025, indicating sustained selling at a loss.
• Whale inflows to Binance declined from 4,000 BTC to 1,600 BTC over 30 days, suggesting slower large-scale selling.
• Exchange inflow Coin Days Destroyed has risen over the past week, pointing to renewed activity from longer-term holders.

Bitcoin Holds Above $65.6K Demand Zone but Faces Resistance

Bitcoin was trading at $67,700 at the time of reporting, after recovering from a recent low of $66,200 recorded on Tuesday, 31 March. The price has remained above the $65,600 demand zone that formed earlier in March. However, upward momentum has been limited, with buyers unable to push the market significantly higher.

This price behavior reflects a broader pattern in recent months. Despite intermittent rebounds, Bitcoin has not regained levels closer to the average acquisition cost of many recent buyers, according to on-chain data referenced by analysts.

Short-Term Holder Realized Price Signals Widespread Losses

On-chain analysis from Axel Adler Jr indicates that Bitcoin is trading well below its short-term holder realized price. This metric represents the average price at which short-term holders acquired their coins. The realized price for this cohort stands near $85,800, while the market price is approximately $67,700.

The gap between these two figures suggests that many short-term holders are currently holding positions at a loss. Adler also noted that the short-term holder realized price has declined to negative 5.35 percent year on year. According to the data cited, such a negative yearly reading has not occurred since the 2022 bear market.

This combination of unrealized losses and a declining realized price points to weak demand conditions. When market prices remain far below the realized price, short-term holders often use price rebounds to reduce exposure or exit positions.

SOPR Below 1 Indicates Persistent Selling at a Loss

Additional insight comes from the short-term holder Spent Output Profit Ratio, or SOPR. This metric measures whether coins moved on-chain are being sold at a profit or a loss. A reading above 1 indicates profit taking, while a value below 1 shows that coins are being sold at a loss.

Since December 2025, the short-term holder SOPR has remained below 1. At the time of reporting, the indicator stood at 0.989. This suggests that short-term holders continue to sell Bitcoin at a slight loss.

Extended periods with SOPR below 1 have historically aligned with bear market conditions, as referenced in the analysis. When this metric remains under the profitability threshold, it often reflects persistent selling pressure from investors attempting to limit losses or free up capital.

As long as the market price stays well below the realized price and SOPR remains under 1, rebounds may face resistance. Market participants who are underwater may use upward price moves as opportunities to exit positions closer to breakeven.

Whale Inflows to Exchanges Show Slower Selling From Large Holders

While short-term holders appear to be under pressure, data cited from CryptoQuant analyst Darkfost shows a shift in behavior among large holders, commonly referred to as whales.

In February and early March, when Bitcoin traded between $64,000 and $69,000, whale activity was elevated. During that period, significant inflows were recorded on Binance. However, during the March rally toward $76,000, whale inflows to Binance declined.

Over a 30-day period, inflows from large holders fell from 4,000 BTC to 1,600 BTC. This reduction suggests a slowdown in direct selling pressure from the largest market participants. Instead of actively distributing holdings, whales appear to have adopted a more cautious stance in recent weeks.

Rising Coin Days Destroyed Points to Renewed Long-Term Activity

Despite reduced whale inflows, broader exchange data indicates that other cohorts may be preparing to sell. The 7-day moving average of exchange inflow Coin Days Destroyed has increased over the past week.

Coin Days Destroyed measures the movement of older coins that have remained inactive for extended periods. Higher values typically indicate that longer-term holders are transferring coins, often to exchanges. This can precede selling activity.

Although the recent rise remains well below the elevated levels seen in February, the upward trend suggests that more long-term holders may be positioning to reduce exposure. This development coincided with Bitcoin’s retreat below the $70,000 level, which triggered renewed selling from parts of the market.

Our Assessment

The current on-chain data highlights a market where short-term holders are largely in loss, with the realized price at $85,800 compared to a market price of $67,700. The persistence of a short-term holder SOPR below 1 indicates ongoing selling at a loss, reinforcing signs of weak demand conditions.

At the same time, whale inflows to Binance have declined from 4,000 BTC to 1,600 BTC over 30 days, suggesting reduced direct selling pressure from the largest holders. However, the recent increase in exchange inflow Coin Days Destroyed points to renewed activity from longer-term holders.

Taken together, these metrics show a market environment where rebounds occur above the $65,600 demand zone, but underlying on-chain indicators continue to reflect distribution and cautious positioning among multiple investor groups.