COINOTAG News reports that on September 29 Glassnode published on-chain data showing Bitcoin’s short-term holder NUPL has moved into the loss zone, indicating recent entrants are experiencing unrealized losses and elevated sell-side pressure.

On-chain analytics highlight that episodes of short-term holder capitulation have historically aligned with broader market resets, as realized supply rebalances and volatility contracts—circumstances that have previously laid groundwork for subsequent, measured asset accumulation.

Investors are advised to monitor complementary indicators—exchange flows, realized price bands and supply dynamics—and maintain disciplined risk management, treating the NUPL signal as a corroborating data point rather than a singular trading directive.