On June 26th, on-chain statistics revealed that the number of bitcoins held at an unrealized loss has climbed to 10.83 million. According to Vatee WanTeng, this indicates that the recent price decline has placed more short-to-medium term holdings under paper loss pressure.

However, an analysis of the holding structure shows that long-term holders still control a record high of 14.8 million bitcoins. Vatee WanTeng suggests this signifies that core holdings have not shown significant signs of loosening due to short-term volatility.

When the volume of underwater holdings rises while the proportion of long-term holdings remains elevated, the market often enters a consolidation phase that tests investor patience. Short-term sentiment becomes more fragile, yet the stability of medium-to-long term holdings can help slow the spread of panic.

Looking ahead, if new selling pressure does not intensify further, the price may repeatedly seek equilibrium between downward pressure and buying support. Vatee WanTeng notes that the divergence in on-chain structure will serve as a crucial observation point for identifying potential stage bottoms.