GlassNode analysts warn that a wave of short-term holders’ surrender is cutting Bitcoin prices and increasing bearish pressure.
According to a GlassNode research report, Bitcoin (BTC) prices are currently under strong sales pressure as short-term holders start to lose coins and stop, just like past market slump.
The accumulation trend has remained weak since January, indicating that buyers have not stepped in to absorb the sale.
Bitcoin Accumulation Trend Score | Source: GlassNode
GlassNode wrote in its March 11 report that Bitcoin slides lined up between $108,000 and $93,000. Market confidence was further weakened in late February as external risks added uncertainty, including a bibit cyberattack and rising US tariff tensions.
“Unlike the previous stage, there was no significant decline response this time. This indicates that emotions have shifted towards risk aversion and capital conservation rather than ongoing accumulation.”
Glass Node
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Short-term holders are getting their biggest hits as Bitcoin prices drop, data shows. Since falling below $95,000, buyers have lost and sold these days. In the worst case, sales pressures have resulted in short-term holders’ profit margins (tracked if short-term holders were sold in profit or loss) to 0.97, causing Bitcoin to crash at $78,000, indicating the extent of panic.
Bitcoin Short Term Holder Coin Days Destroyed Metrics | Source: GlassNode
Another important metric, short-term holder coin days, has been destroyed and panic-driven sales confirmed, with recent sales by top buyers “driving this indicator on -12.8K coin days per hour, reflecting the realisation of severe losses and moderate surrender events.”
“A similar pattern emerged in August 2024, when Bitcoin plunged to $49,000 amidst market stress and macro uncertainty. The current structure suggests an equal stage of surrender.”
Glass Node
With Bitcoin approaching the major cost Bayesian level, analysts suggested that the market could enter the consolidation phase before finding solid support.
read more: Whale purchases increased as Bitcoin struggled under $80k
