Bitcoin Short-Term Holders Cash Out: 41,800 BTC Sent to Exchanges
A recent on-chain analysis reveals a significant shift in Bitcoin's short-term holder (STH) behavior. Data indicates that STHs, who typically react to market volatility, have been transferring a substantial amount of tokens to exchanges, coinciding with the asset's recent recovery rally.
The STH cohort, characterized by investors who purchased coins within the past 155 days, has historically been seen as the 'weak hands' of the market. In contrast, long-term holders (LTHs) are known for their unwavering commitment. However, with Bitcoin's recent rally, STHs have started to sell, indicating potential profit-taking.
A chart shared by CryptoQuant community analyst Maartunn highlights this trend. It shows that the 24-hour sum of STH exchange deposit transactions in profit has surged to 41,800 BTC, while loss exchange inflows have decreased to 1,800 BTC. This suggests that STHs are focusing on selling their coins at a profit.
Despite this, the overall STH cohort remains in a state of net unrealized loss, as Bitcoin's current price is below the STH Realized Profit. This is a crucial metric that measures the average cost basis of Bitcoin investors, specifically tracking the break-even level for coins purchased within the past 155 days.
During the Q4 2025 drawdown, the Bitcoin spot price fell below the STH Realized Price. Although the latest rally has brought the price close to this level, it remains below it. The current indicator value is $99,412.
Bitcoin's price has dropped from its peak above $97,000 earlier in the week, now trading around $94,600. This recent decline has sparked discussions about the market's sentiment and the potential reasons behind the STHs' selling behavior.
