The Week On-Chain 36, 2024
The Bitcoin market continues to experience downwards pressure over recent months, despite the average Bitcoin investor remaining profitable overall. However, the Short-Term Holder cohort remains heavily underwater on their holdings, making them a source of risk for the time-being.

Executive Summary
- On average, BTC investors are holding relatively small unrealized losses compared to prior cycles, suggesting a relatively favourable position overall.
- However, Short-Term Holder unrealized losses remain quite elevated, indicating they are the primary cohort at risk.
- Profit and Loss taking activities remain remarkably light, with critical metrics such as the Sell-Side Risk Ratio alluding to a potential for heightened volatility in the near future.

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