we can see that Short-Term Holders are currently in possession of approximately 18.3% of the coin supply (excluding coins held by exchanges). The light red area in the chart below represent the proportion that are currently held at a loss, and as of this week, almost the entire STH supply is underwater.
This yet again creates a psychological barrier whereby the coins that are already the most likely to be spent and sold, are now also holding an unrealised losses, which further increases the chances of a sale.
