[Analyst: The current cost basis for short-term Bitcoin holders is approximately $85,400, with an unrealized loss of about 19.4%] According to a report by Jinse Finance, on April 7, CryptoQuant analyst Darkfost stated that in the current Bitcoin market dynamics, the most affected group is short-term holders (STH), referring to investors who have held BTC for less than six months. At present, their cost basis is approximately $85,400, which is significantly higher than the current market price. As a result, they are currently experiencing an average unrealized loss of about 19.4%. This situation typically triggers two main behaviors: • Some investors choose to remain patient and continue holding BTC until they transition into long-term holders (LTH). (This trend is already evident, with the supply held by long-term holders increasing by approximately 300,000 BTC.) • Other investors may panic and choose to exit the market, either cutting losses or, for those who entered later, exiting with small profits. It is often this latter group that exacerbates market volatility and may trigger "capitulation-style selling." Historically, when the unrealized loss of short-term holders exceeds 25%, this level often corresponds to the early stages of a market bottom. However, these periods are also typically accompanied by higher volatility, during which investors with weaker risk tolerance are more likely to be forced out of the market.