Bitcoin holders in the short term (BTC) (STHS) have added 1.5 million bitcoin (BTC) since September bearing the total to more than 4 million bitcoin, according to Glassnode.
This is equivalent to an average accumulation of around 300,000 BTC per month. During this period, Bitcoin increased from $ 60,000 to $ 109,000 before falling below $ 100,000. Glassnode defines STHS as those who held Bitcoin for less than 155 days.
Historically, in the previous cycles of the Haussier market, the price of Bitcoin tends to culminate when STH exhausts their purchasing momentum, leading to a slowdown in price appreciation. This model took place in 2013, 2017 and 2021.
However, STHS held much more bitcoin to these cycle peaks: 5 million BTC in 2013, 6.2 million BTC in 2017 and 4.6 million BTC in 2021. Compared to the 4 million current BTCs, the Holdings Current STH are relatively low, which suggests that new market participants could continue to accumulate, which means that the cycle can still have room to develop.
Meanwhile, long -term holders (LTH) – investors who have held Bitcoin for more than 155 days – distributed 1.2 million BTC during the same period. This indicates a significant gain in profit after the Bitcoin strong rally since November.
Continuous unloading by LTH has been a major factor in Bitcoin standby price action since mid-November.
