Bitcoin traders hit peak unrealized pain as ETFs start to turn positive

Bitcoin traders are facing the most pressure of this cycle in terms of unrealized losses, but analysts argue that ETFs only accounted for a maximum of 3% the recent selling pressure.
Bitcoin may be nearing a make-or-break point as short-term traders sit on the steepest unrealized losses of the current bull cycle.
Short-term Bitcoin
BTC
$93,188
traders who have held BTC from one to three months have been sitting on losses ranging from 20% to 25% for over two weeks, marking the highest pain point of the current market cycle, according to CryptoQuant analyst Darkfost.

“Once a large portion of them has capitulated, as we have seen in recent weeks, that is usually when the opportunity to accumulate becomes interesting,” he wrote in a Monday note.

This cohort will remain underwater until BTC trades back above its realized price of about $113,692, Darkfost added.