Short-term bitcoin (BTC) holders (STHs) have added 1.5 million bitcoin (BTC) since September taking the total to over 4 million bitcoin, according to Glassnode.
This equates to an average accumulation of approximately 300,000 BTC per month. During this period, bitcoin surged from $60,000 to $109,000 before pulling back below $100,000. Glassnode defines STHs as those who have held bitcoin for less than 155 days.
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Historically, in previous bull market cycles, bitcoin’s price tends to peak when STHs exhaust their buying momentum, leading to a slowdown in price appreciation. This pattern has played out in 2013, 2017, and 2021.
However, STHs held significantly more bitcoin at these cycle peaks: 5 million BTC in 2013, 6.2 million BTC in 2017, and 4.6 million BTC in 2021. Compared to the current 4 million BTC, the current STH holdings are relatively low, suggesting that new market entrants could continue accumulating, meaning the cycle may still have room to grow.
Meanwhile, long-term holders (LTHs) — investors who have held bitcoin for more than 155 days — have distributed 1.2 million BTC during the same period. This indicates significant profit-taking following bitcoin’s strong rally since November.
The continued offloading by LTHs has been a major factor in bitcoin’s stalled price action since mid-November.
