Cryptocurrency investors best buckle up as the market shows signs of potentially sliding further. A Sept. 4 report from Glassnode shows that short-term holders (STH) are sitting on a pool of unrealized losses. Even though the percentage of total unrealized losses in the Bitcoin ecosystem sits at 2.9%, “a historically low number,” said the research firm, the magnitude of STH in the red has been rising over the months. This spells potential danger for Bitcoin and the broader cryptocurrency market, which continued to sell off today, with blue chip tokens like BTC and ETH dropping 2.2% and 2.3%, respectively. Weekly time frames have been equally unfortunate in terms of losses, with BTC shedding 6% and ETH falling 7.5%. Pundits are also calling for more potential downside. Arthur Hayes, former BitMex CEO and renowned crypto investor, wrote in a recent blog titled Boom times… Delayed, “Bitcoin, at best, will chop around these levels and, at worst, slowly leak lower towards $50,000.” “My shift in opinion keeps my hand hovering over the Buy button. I am not selling crypto because I am short-term bearish. As I will explain, my bearishness is temporary,” he wrote. The OG crypto investor is now awaiting what the Federal Reserve will do regarding interest rate cuts, a perspective shared by other analysts in the industry after Ethereum clocked its worst month in more than two years. Short-term volatility in Bitcoin’s price is something that James Check, former Glassnode analyst, also sees on the cards. In Check’s weekly newsletter, checkonchain, he signaled that a “regime shift” is underway after months of ‘chopsolidation.’ Check’s bias, however, remains bearish, with a keen eye on the aforementioned short-term holder cohort, along with several technical indicators. “Markets often need to go down before they can go up, and I have a feeling the big release valves will be lower ALT/BTC ratios and more liquidated long traders,” he wrote.