Bitcoin's short-term holdings record a 51.3% unrealized loss

Bitcoin short-term holders are showing widespread unrealized losses, with 1.147 million of 2.235 million BTC (51.3%) held at a loss as of October 31, according to on-chain analyst Murphy's cost-basis distribution analysis reported by PANews. The losses are concentrated in the $78,000–$86,000 cost-basis band, which holds 1.145 million BTC (51.2% of short-term supply), while another 556,000 BTC (24.9%) sits in the $60,000–$65,000 range. The figures apply a "entity-adjusted" methodology, which groups coins by owner to measure realized profit-and-loss status more accurately. Heavy loss concentration among short-term holders often signals capitulation risk or a potential market bottom, as these holders are historically more likely to sell under stress. Watch whether BTC holds above the $78,000 cost-basis cluster or breaks lower, which would deepen losses for over half of recent buyers.