8/10/2025
Short-term Bitcoin holders (STHs) have added roughly 450,000 BTC since July, bringing their total to about 2.6 million BTC, according to Glassnode. Defined as investors who bought Bitcoin within the past 155 days, STH activity remains below previous highs, reflecting tempered market sentiment.
This marks the third accumulation cycle of 2024–2025, a pattern historically linked to local Bitcoin price tops. Earlier peaks occurred in April 2024 after the $73K high and in January 2025 near the $110K all-time high. The latest cycle follows the recent $126K record.
Each successive STH surge involves fewer participants, with their share of circulating supply falling from 22% to 18%, suggesting a decline in speculative frenzy. Earlier in Q1 2025, STHs held up to 2.8 million BTC, dropping to 2.1 million BTC as Bitcoin retraced to $76K, underscoring their role in past sell-offs.
Long-term holders (LTHs) have gradually trimmed their positions, offloading about 250,000 BTC since July, now holding 14.5 million BTC.
As Bitcoin enters its historically strong quarter, STH supply could rise above 3 million BTC, potentially influencing short-term market trends.
