Analyst: The short-term holder cost basis for Bitcoin is approximately $85,400

CryptoQuant analyst Darkfost stated that currently, the cost price for Bitcoin short-term holders (those holding BTC for less than six months) is around $85,400, with an average unrealized loss status of about 19.4%. This could trigger two types of behavior: some investors may continue holding and become long-term holders, while others may choose to exit the market, causing increased market volatility and triggering "capitulation selling." Historical data shows that when short-term holders’ unrealized losses exceed 25%, it usually corresponds to the early stage of market bottoms, accompanied by higher volatility.