According to the latest analysis, tracking the profits of short-term holders helps to better understand the market trend. The realized price index is an important tool to evaluate the profitability.

The Short-Term Holders Profitability Index (STH PI) developed by me measures the difference between the current price of Bitcoin and the realized price of short-term holders. Currently, the STH PI is -5%, indicating that many positions are suffering an average loss of 5%.

However, this loss does not necessarily indicate a prolonged distribution phase, but could be an accumulation opportunity or a market transition phase.