Data shows that short-term Bitcoin investors have been experiencing unrealized losses since November of last year.

The STH-NUPL metric, which measures the unrealized profit or loss of the short-term holder (STH) group, has been consistently negative since November 2025, indicating that new investors as a whole are in a net loss position. Analysis suggests that the price of Bitcoin needs to rebound to above approximately $98,000 for this group to return to a net profit position.