The period continues to be difficult for STHs.

Their realized price sits at around $74,800, and BTC has now been trading below their cost basis for 8 months.

Today, STHs are holding average unrealized losses of 14.4%. That said, this represents progress compared to early February, when those losses had climbed to over 34%.

It's quite interesting to see that at the same BTC price, STH unrealized losses can be so different. It should be noted that the STH cost basis has dropped from $95,700 to $74,800, evidence that some STHs took advantage of the dip to accumulate, which mechanically pulls the cost basis lower.

During this cycle, their unrealized profits peaked at 47% in March 2024, compared to just 11% in October 2025 when BTC was marking a new ATH.

Reclaiming the STH cost basis would be a first real improvement and could signal a shift in dynamics.

But for now, it is acting as resistance and an exit point, as was the case on May 10th, the only day STHs briefly returned to profit, at 0.5%.

Written by Darkfost