Since July, short-term holders (STHs) have significantly increased their bitcoin holdings by approximately 450,000 BTC, bringing their total to around 2.6 million BTC as per Glassnode’s analysis. STHs are defined as those who have acquired bitcoin within the last 155 days. This uptick represents the third notable phase of heightened STH activity since early 2024 and often coincides with a peak in bitcoin’s price.
The initial surge was observed in April 2024, shortly after bitcoin reached its all-time high of $73,000 in March. The second wave occurred in January 2025 when prices hit a new record of $110,000. The most recent increase followed another record-setting price of $126,000. Each cycle has involved fewer STH participants than before, indicating a gradual decline in market excitement and speculative actions.
Throughout these cycles, the proportion of STH-held supply relative to the total circulating supply has decreased from 22% to about 18%, according to Glassnode data. Earlier in Q1 of 2025, STHs controlled up to 2.8 million BTC; however, this number dropped to roughly 2.1 million BTC as prices fell back to $76,000—highlighting that STHs were largely responsible for the selling pressure witnessed during April.
Conversely, long-term holders (LTHs), who are essentially opposite to STHs, began reducing their holdings over summer. They distributed approximately 250,    &emspace&emspaceBTC since July while Bitcoin consolidated its position.
ਊs Bitcoin approaches what is historically its strongest quarter period, a rise in short-term holder supply is anticipated—potentially surpassing three million BTC.&