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Bitcoin short-term holders\' realized cap down 62 percent, nearing past bear market levels

Bitcoin short-term holders\' (STH) realized market capitalisation has fallen about 62 percent from its peak in October 2025. On-chain analyst Darkfost said the decline is nearing the 70 to 75 percent drops seen in past bear markets. The move suggests high-cost holdings are being cleared while new positions form at lower prices. Darkfost said more analysis is needed to judge whether the correction will extend or see another leg down.