Short-term Bitcoin holders (STHs) have added roughly 450,000 BTC since July, bringing their total holdings to around 2.6 million BTC, according to Glassnode. Defined as investors who purchased bitcoin within the past 155 days, STH activity remains below prior peaks, suggesting measured market sentiment.
This marks the third STH surge since early 2024, a trend historically aligned with local Bitcoin price tops. Previous peaks occurred in April 2024 after the $73K high, and January 2025 alongside the $110K high. The current cycle follows the $126K record.
Each successive peak has featured fewer STHs, with their share of total supply falling from 22% to 18%, signaling waning speculative fervor. Earlier this year, STHs held as much as 2.8 million BTC, dropping to 2.1 million BTC as Bitcoin fell to $76K, highlighting their influence on prior market pullbacks.
Meanwhile, long-term holders (LTHs) have trimmed positions, offloading about 250,000 BTC since July, leaving them with roughly 14.5 million BTC.
As Bitcoin enters its seasonally strong period, analysts expect STH holdings could surpass 3 million BTC, potentially driving near-term market dynamics.
