Short-Term Holders Add 450,000 BTC Since July, Total 2.6 Million
Short-term holders (STHs) have increased their supply by approximately 450,000 BTC since July, currently holding around 2.6 million BTC.
STHs are investors who purchased Bitcoin within the past 155 days.
This marks the third cycle of rising STH activity in 2024, usually indicating a local top in Bitcoin prices.
Previous peaks were in April 2024 ($73,000 price peak) and January 2025 ($110,000 all-time high), with the latest peak following a new record of $126,000.
The STH cohort is shrinking, suggesting waning market euphoria and speculative behavior.
STH supply as a share of total circulating supply has decreased from 22% to 18%.
Earlier in Q1 2025, STHs held up to 2.8 million BTC but reduced to 2.1 million BTC as Bitcoin's price fell to $76,000, creating selling pressure in April.
Long-term holders (LTHs) distributed about 250,000 BTC since July, now holding 14.5 million BTC.
Expectations are for STH supply to rise further and potentially exceed 3 million BTC during Bitcoin's strong quarter period.
