Bitcoin has recently entered a consolidation phase, with on-chain data indicating a market marked by moderate losses, fading high-profit holdings, and growing mid-range positioning. Despite a 17% price drop, there are no signs of mass panic among holders, as dormancy and accumulation continue.
According to Glassnode, the share of Bitcoin held at moderate unrealized losses has significantly increased in 2025. Holdings in the -23.6% to -10% loss range have risen by 7.75% this year, indicating more underwater holders. In contrast, high-profit holdings (40-60%) have fallen by 3.57%, while mid-profit positions (20-40%) have increased by 3.45%. This shift suggests a migration of coins from high-profit bands to mid-range levels, reflecting a market in cooldown mode but not showing signs of panic behavior.
However, there is mounting pressure on short-term holders who acquired Bitcoin within the past 155 days. Over 2.8 million BTC from this group is underwater, leading to significant unrealized losses. Most investors are holding onto their holdings rather than selling at a loss, with the average acquisition price for short-term holders hovering around $92,500. The $90K-$93K range has been identified as a critical resistance threshold forming a supply zone where investors who bought in this range may sell if prices reach that level.
Despite the price falls, the Bitcoin holding sentiment remains strong. The Mean Dollar Invested Age has increased from 418 to 432 days between February and March, indicating that old coins are dormant and suggesting accumulation rather than distribution. The MVRV Long/Short Difference, which tracks holder profitability, has also shown a 70% decline, indicating that long-term holders are losing their profitability edge but sentiment remains steady.
Whale activity in the market has been calm, with the Exchange Whale Ratio staying above 0.50 in March. Peaks in whale activity on the 14th and 20th of March correlated with stabilization around $84,000 and a recovery to $88,200. This pattern suggests that whales are watching the market without triggering major sell-offs, indicating that Bitcoin is currently in a cooling phase rather than a breakdown.
In conclusion, despite the recent price drop and moderate losses, Bitcoin holders are not showing signs of mass panic. The market is in a consolidation phase, with a shift in holdings from high-profit bands to mid-range levels. Short-term holders are facing pressure while long-term holders continue to accumulate. Overall, Bitcoin’s holding sentiment remains strong, with whales remaining calm and not triggering major sell-offs, indicating that the cryptocurrency is in a cooling phase and not on the brink of a breakdown.
