Bitcoin short-term holders have been experiencing losses for eight consecutive months, with an average unrealized loss of 14.4%, according to CryptoQuant analyst Darkfost. The cost basis for these holders is approximately $74,800, a decrease from $95,700, suggesting accumulation during market downturns. This marks an improvement from a 34% loss in early February. The peak unrealized profit for short-term holders was 47% in March 2024, while in October 2025, when Bitcoin reached an all-time high, the profit margin was only 11%. Darkfost highlighted that reclaiming the short-term holders' cost basis would signal a potential market shift, although it currently acts as resistance. Despite briefly returning to profitability on May 10, short-term holders have since fallen back into losses.