The price of bitcoin has dropped by 12% over the last seven days, trading at around $55,600 at the time of writing. The leading digital asset was subject to the adverse effects of Mt. Gox disbursements and governments selling bitcoin in large installments.

While last week’s volatility has seen bitcoin retrace to around 24% below its all-time high, the average coin still holds a two times unrealized profit, according to Glassnode’s latest weekly report examining the state of the market onchain.

Despite this, more recent entrants to the market have been left considerably worse off, with Glassnode analysts saying that “newer buyers are disproportionately underwater on their positions.”

“If we look at the ratio between the unrealized profit/loss per coin, we can see that the magnitude of paper gains held is 8.2x larger than paper losses,” said the analysts.

“Only 18% of trading days have recorded a larger relative value, all of which are within euphoric bull market regimes.”

For short-term holders to return to profitability, analysts estimate that bitcoin would have to see a decisive break above the $64,000 mark. To some traders, that scenario looks increasingly out of reach, particularly given the German government’s recent selling activity.

A wallet tied to the German government sent 250 BTC to Coinbase, another 250 BTC to Bitstamp and 500 BTC to an unlabelled address earlier today. 

Investor sentiment hasn’t been completely dampened by a falling bitcoin price — inflows into four spot Bitcoin exchange-traded funds (ETFs) crossed $172 million on Friday, according to data from Coinglass.