The strike price of short-term Bitcoin holders is around 62-63K USD, those who bought BTC within the last 155 days. On-chain data shows that the longer one holds BTC, the more likely one is to continue holding. However, short-term investors are often more likely to panic.

Many new buyers entered through Spot ETFs. If GBTC is removed, the strike price for Spot ETF investors drops to around 55-56K USD. This means that these investors are new to the market and can react to news and market changes, possibly selling at breakeven or accepting small losses.

Currently, BTC sell-side liquidity is strong due to many factors: actions of the US and German governments, actions of miners, the Mt. Gox, and the unrest of short-term holders. The big question is whether Spot ETF investors can overcome this challenge. We will see if they have a long-term vision or will quickly retreat.