Glassnode data shows that in the current environment, 99% of new entrants are experiencing losses. From a market psychology standpoint, this is an extremely bearish outlook at a time when nearly all Bitcoin short-term holders (STH) are in the red.
However, on-chain data shows that, in the past, this has pointed to an uptick in the price of BTC after hitting a short-term bottom. Note: If funds are held at an address for more than 155 days, this is a Long Term Holder (LTH). If it is less than 155 days, it is a short-term holder (STH).