Glassnode's weekly on-chain report shows over 95% of short-term Bitcoin (CRYPTO: BTC) holders are underwater, with May buyers down 17% to 19% and no meaningful demand response yet from institutions or corporate treasuries.
Recent Buyers Are Deeply Underwater With No Meaningful Bounce Yet Glassnode's Short-Term Holder MVRV, which tracks how much recent buyers are up or down on average, printed 0.81 at its low before recovering slightly to 0.83.
The $78,000 to $82,000 accumulation cluster built during May is now broadly in loss.
Meanwhile, only 3.3% of short-term holder supply is currently in profit against a four-year average of 55%, meaning more than 95% of recent buyers are underwater.
The selling pressure is building but has not hit the extreme that historically marks a true bottom.
