Figure 4. Bitcoin Short-Term Holder Realised Price. Source: Bitcoin Magazine Pro)
At present, BTC price remains in a “warm but not overheatedˮ zone, holding above the STH cost basis of $106,709. Such positioning is typical in the mid-phase of a Bitcoin bull market, with the STH cost basis historically serving as a key threshold between near-term bullish and bearish regimes. To gauge the impact of the recent pullback on investor behaviour, it is useful to examine the percentage of spent volume originating from short-term holders STHs in profit — a measure of how many recently acquired coins are being sold for gains.
Figure 5. Spent Profit Volume By Short-Term Holders. Source: Glassnode)