Bitcoin Short-Term Holders Reduce Selling as Price Climbs
According to Cointelegraph, Bitcoin short-term holders have reduced their selling activity as the cryptocurrency's price gradually rises above its recent low of $112,000. Onchain analytics platform Glassnode reported that profit-taking among Bitcoin Short-Term Holders (STH), defined as those holding for less than 155 days, has decreased. The firm's market report on Wednesday highlighted that Bitcoin STH spent volume, which measures the proportion of recent buyers in profit selling their Bitcoin, has dropped to 45%, falling below the neutral level.
Glassnode's analysis suggests that the market is in a relatively balanced position, with 70% of STH supply still held in profit and an almost even split between profit and loss taking in coins that are actively moving. This condition aligns with the midline of previous bull phases and is not considered atypical. The behavior of Bitcoin STHs is closely monitored by market participants, as they tend to sell during periods of market volatility. This trend follows Bitcoin's recent dip to $112,044 over the weekend, shortly after reaching new all-time highs of $123,100 on July 14, as reported by Nansen. At the time of publication, Bitcoin is trading at $114,766.
Onchain analytics platform Checkonchain noted in a post on Wednesday that the Bitcoin STH Spent Output Profit Ratio (SOPR) indicates that recent buyers who purchased near all-time highs at a loss are selling more than those who are in profit. Checkonchain observed that many recent top buyers and 'weaker' hands are selling around their buy-in price, expressing a desire to exit the market. Despite this, Checkonchain remains optimistic, suggesting that a short, sharp dip into red territory followed by a return to a healthy green number would confirm the bull market is still active.
Despite the recent price pullback, several crypto analysts maintain a positive outlook for Bitcoin's performance throughout 2025. Tom Lee, co-founder of Fundstrat and chairman of BitMine, expressed confidence that Bitcoin could reach $250,000 in 2025, even as other analysts cautiously adjust their targets. Lee shared his views on the Coin Stories podcast, stating that Bitcoin should build upon the $120,000 level before the end of the year, potentially reaching $200,000 or even $250,000. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
