95% Of Short-Term Bitcoin Holders Are Underwater—And The Worst May Not Be Over Yet

Glassnode's weekly on-chain report shows over 95% of short-term Bitcoin (CRYPTO: BTC) holders are underwater, with May buyers down 17% to 19% and no meaningful demand response yet from institutions or corporate treasuries. Recent Buyers Are Deeply Underwater With No Meaningful Bounce Yet Glassnode's Short-Term Holder MVRV, which tracks how much recent buyers are up or down on average, printed 0.81 at its low before recovering slightly to 0.83.