Glassnode: Bitcoin short-term investors have been in a floating loss state since November 25 According to BlockBeats news, on January 19th, Glassnode released data on social media stating that the STH-NUPL indicator (which measures the ratio of unrealized gains and losses of new investors to the market value of short-term holders) shows that new investors have been in a state of net unrealized losses since November 2025. To bring this group back to a net profit state, the minimum threshold seems to be for Bitcoin prices to rise above approximately $98000. BlockBeats note: According to the pattern of historical bear markets and significant pullbacks, sustained declines during bear markets may lead these short-term holders (STH, new investors) to gradually surrender their chips (achieve loss selling) in the face of floating losses. During the bear market in 2018, the STH-NUPL fell to about -0.6. Short term players cut a lot of meat, realized huge losses, and finally cleared a large number of speculative foam. After the market bottomed, a new bull market began. In the 2022 bear market (after the FTX crash), STH achieved a record high loss peak, and after clearing weak hands, the price bottomed out around $16000, and then began a bull market.