This Chart Shows the #Profit or #Loss Bias (dominance) of #STH volumes flowing into exchanges. We can see a steady decline in profit dominance as the 2023 rally progressed, as more #STHs acquired coins with an increasingly elevated cost basis.

This week we saw the largest loss dominance reading since the #March sell-off to $19,800. This suggests that the STH cohort are both largely underwater on their holdings, and increasingly price sensitive.