Bitcoin traders hit peak unrealized pain as ETFs start to turn positive

Short-term Bitcoin (BTC) traders, holding BTC for one to three months, are experiencing the steepest unrealized losses of the current bull cycle, ranging from 20% to 25% for over two weeks, according to CryptoQuant analyst Darkfrost. Capitulation among this group often signals an accumulation opportunity, and they will remain underwater until BTC surpasses the realized price of approximately $113,692. Despite current corrections, major institutions like Grayscale remain optimistic about Bitcoin's 2026 trajectory. Furthermore, spot Bitcoin ETF selling pressure has been minimal, accounting for only about 3% of total selling tops, according to Bloomberg analyst Eric Balchunas, despite concerns. After recording significant outflows in November, Bitcoin ETFs have now seen five consecutive days of positive inflows, suggesting that the average ETF buyer is moving out of paper losses as BTC trades above its $89,600 flow-weighted cost basis.

(Source：Cointelegraph)