Bitcoin short-term holders are currently holding a 3% unrealized loss but it “isn’t the end of the world,” according to a crypto analyst.
Bitcoin (BTC) is now trading below the average purchase price paid by short-term holders, potentially causing “panic” due to unrealized losses, according to an on-chain analyst.
“These recent buyers are statistically the most likely to panic,” analyst James Check known as “Checkmatey” said in a May 1 report.
“What a nuke we have on our hands to open the month of May,” Check added, referring to Bitcoin briefly plummeting 8% below a key support level to $56,814 on May 1, according to CoinMarketCap data.