Bitcoin Realized Losses Roll Over as Short-Term Holder Cost Basis Tests Resistance

The on-chain analytics firm Glassnode has detected a rare bear market signal for Bitcoin. According to a recent post by Cryptovizart, the lead research analyst at Glassnode, the dollar value of coins moving on-chain at a loss by wallets that acquired BTC one to two years ago has started to roll over.

This metric tracks realized losses, which is the dollar value of coins moving on-chain at a loss. During this time frame, Bitcoin ran from around $62,800 to $107,000, placing most of the cohort in profit before the current drawdown pulled them back underwater.

The 30-day rolling average of realized losses recently crossed $75 million before rolling downward, according to Cryptovizart's accompanying chart. This signal is unusual because it typically appears late in cycle drawdowns.