According to @glassnode, Bitcoin’s Short-Term Holder Net Unrealized Profit/Loss shows new investors have been in net unrealized losses since November 2025, and a recovery above roughly $98,000 is the minimum threshold to return this cohort to net profitability (Glassnode, Jan 19, 2026). @glassnode also highlights the Short-Term Holder cost basis near $98,300, noting that historically reclaiming and holding above the STH cost basis has marked transitions from corrective phases into more durable uptrends, making the $98,000-$98,300 zone a critical on-chain level for BTC traders to monitor (Glassnode; LondonCryptoClub citing Glassnode, Jan 19, 2026).