On-chain analyst Axel Adler Jr. analyzed that the profit cushion for Bitcoin (BTC) short-term holders (holding period less than 6 months) is gradually shrinking. The average cost basis for short-term holders is around $71,300, and the buffer has shrunk from 10% to 7% over the past week due to a combination of Bitcoin price decline and a slight increase in the cost basis. Furthermore, the exchange deposit/withdrawal P/L indicator has plummeted by approximately 96% since September 10, nearing 0. This indicates a tight standoff between profit-taking and stop-loss orders in the market, posing a risk of shifting to loss-selling dominance if there is a further decline.
