Short-term holders (STH) are now almost completely immersed in their recent bitcoins. shopping. Glassnode defines STHs as entities that have held bitcoins for less than 155 days.
On June 15 (155 days ago), bitcoin was trading at $104,000, meaning almost all coins purchased since then are above current spot levels.
Data from Glassnode shows that 2.8 million BTC held by STH are missing, the highest level since the FTX collapse in November 2022, when bitcoin was trading near $15,000 per coin.
Bitcoin is now down about 25% from its October all-time high, which is within the typical 20% to 30% range for bull market corrections. Unlike STHs, long-term holders (LTHs) have continued to be distributed. Data from Glassnode shows that LTH supply has fallen from 14,755,530 BTC in July to 14,302,998 BTC as of November 16, a reduction of 452,532 BTC.
“Many long-time holders have chosen to sell in 2025 after many years of accumulation,” said Bitcoin OG and Fragrant board director Nicholas Gregory.
“These sales are mostly lifestyle-driven and not motivated by negative views on the asset, and the launch of the US ETFs and a $100,000 price target created an attractive and highly liquid window to sell.”
This decline in bitcoin has created a notable divergence with US spot bitcoin exchange-traded funds (ETFs), which have shown notable stability. US ETF assets under management (AUM) remain near all-time highs when measured in terms of BTC. The current AUM stands at 1.33 million BTC compared to the peak of 1.38 million BTC on October 10, a decrease of 3.6%, according to checkonchain.
Measuring AUM in BTC instead of dollars avoids distortions due to price volatility. This divergence suggests that the recent price decline is not primarily being driven by ETF outflows but by longer-term holders.
