Since September, short-term holders have accumulated over 1.5 million bitcoin.
Short-term Bitcoin (BTC) holders (STHs) have accumulated more than 1.5 million BTC since September, bringing their total holdings to over 4 million BTC, according to Glassnode.
This represents an average of around 300,000 BTC per month. Over this time frame, Bitcoin’s price rose from $60,000 to $109,000 before dipping back below $100,000. Glassnode defines STHs as those who have held Bitcoin for less than 155 days.
Historically, in previous bull market cycles, Bitcoin’s price has tended to peak when STHs exhaust their buying momentum, which leads to a slowdown in price appreciation. This trend was evident in 2013, 2017, and 2021.
However, in those cycles, STHs held far more Bitcoin at the peaks: 5 million BTC in 2013, 6.2 million BTC in 2017, and 4.6 million BTC in 2021. With current holdings at 4 million BTC, the present STH position is relatively lower, suggesting that new market participants could continue to accumulate, leaving room for further price growth in the cycle.
In contrast, long-term holders (LTHs), who have held Bitcoin for over 155 days, have sold off 1.2 million BTC during the same period. This indicates substantial profit-taking following Bitcoin’s significant rally since November.
The ongoing sell-off by LTHs has been a key factor in the stagnation of Bitcoin’s price since mid-November.
