Conditions are currently less favorable for short-term bitcoin holders, according to one on-chain metric.

The Short Term Holder Spent Output Profit Ratio (STH-SOPR) decreased from 1 to 0.9809, following the price decline over the last two weeks. This indicator measures the profitability of bitcoin trades with coins held for less than 155 days.

"A declining STH-SOPR during a price correction suggests many short-term holders may panic-sell their bitcoin, contributing to the overall drop in prices. This behavior can lead to a self-reinforcing cycle of declining prices," CryptoQuant Analyst Adam Mourad told The Block.

The analyst charted the STH-SOPR since the digital asset's price spiked after Grayscale's legal win against the SEC. The price appreciation saw the STH-SOPR stabilize at the 1 mark. If the chart indicator stabilizes at 1, short-term holder bitcoins can be sold without gain or loss.

 "The development indicates short-term holders sold their bitcoin at a price that allows them to exit without making a profit or incurring a loss, essentially at a break-even point," Mourad added.

Bitcoin price stuck below $26,000

Bitcoin BTC +2.98% has been caught in a tight range between $25,800 and $26,000 over the past 24 hours, remaining stuck in a lower price bracket since it crashed two weeks ago. The world's largest cryptocurrency by market capitalization fell 0.3% over the past 24 hours to $25,895 at 2:30 p.m. ET, according to CoinGecko.

Current market signals suggest investor anticipation of spot bitcoin ETF approvals is wearing thin in the short term. On Thursday, the SEC extended its decision deadline on seven ETF filings by 45 days, frustrating investor hopes of a short-term recovery. Bitcoin has backtracked on all gains made after Grayscales win against the SEC last Tuesday, when BTC peaked at $28,100.