Since September, short-term bitcoin holders have accumulated over 1.5 million BTC.
Glassnode reports that short-term holders (STHs) of bitcoin have added more than 1.5 million BTC to their holdings since September, bringing their total to more than 4 million BTC.
This represents an average accumulation of around 300,000 BTC each month. During this period, bitcoin’s price has surged from $60,000 to $109,000 before pulling back below the $100,000 level. Glassnode defines short-term holders as individuals who have held their bitcoin for less than 155 days.
Historically, bitcoin’s price tends to reach its peak when short-term holders run out of buying momentum, leading to slower price increases. This pattern has been observed in past bull cycles, such as in 2013, 2017, and 2021.
However, during those previous cycles, short-term holders had accumulated significantly more bitcoin at the price peaks: 5 million BTC in 2013, 6.2 million BTC in 2017, and 4.6 million BTC in 2021. With only 4 million BTC currently held by short-term holders, the relatively lower amount suggests that the cycle still has room to expand, allowing for further accumulation and potential price growth.
Meanwhile, long-term holders (LTHs), who have held bitcoin for over 155 days, have sold 1.2 million BTC in the same time period. This selling indicates a phase of profit-taking after bitcoin’s strong price rally since November.
The ongoing distribution of bitcoin by long-term holders has been a significant factor contributing to the price stagnation since mid-November.
