Bitcoin headlines (BTC) in the short term (STHS) have added 1.5 million bitcoin (BTC) since September, which takes the total of more than 4 million bitcoin, according to Glassnode.
This is equivalent to an average accumulation of approximately 300,000 BTC per month. During this period, Bitcoin increased from $ 60,000 to $ 109,000 before withdrawing below $ 100,000. Glassnode defines Sths as those who have maintained Bitcoin for less than 155 days.
Historically, in the previous cycles of the upward market, the price of Bitcoin tends to reach its maximum point when STHS exhausts its purchase impulse, which leads to a slowdown in the appreciation of prices. This pattern has developed in 2013, 2017 and 2021.
However, STHS had significantly more bitcoin in 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 They are relatively low, which suggests that new market participants could continue to accumulate, which means that the cycle can still have space to grow.
Meanwhile, long -term holders (LTHS), investors who have maintained Bitcoin for more than 155 days, have distributed 1.2 million BTC during the same period. This indicates a significant gain taking after the strong manifestation of Bitcoin since November.
The continuous download of Lths has been an important factor in the stagnant Bitcoin price action since mid -November.
