Bitcoin Short-Term Holder Selling Eases as Price Recovers from Weekend Dip

Profit-taking by Bitcoin short-term holders has slowed down, signaling a potential shift in market behavior as BTC continues to climb back from its recent low of $112,000, according to onchain data from Glassnode.

The blockchain analytics firm revealed on Wednesday that the spent volume of Bitcoin held for less than 155 days—typically referred to as short-term holders (STHs)—has dropped to 45%, falling below the neutral zone for the first time in weeks.

This decline in spent volume means fewer recent buyers are selling their holdings despite being in profit. “The market is in a relatively balanced position,” Glassnode noted in its report. It emphasized that 70% of STH supply remains in profit, and there’s an “almost even split of profit and loss taking in coins which are on the move.”

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Bitcoin STHs Show Restraint

Historically, short-term holders are known to react quickly to price volatility, often leading to cascading selloffs in declining markets. However, current behavior suggests a cooling-off period. Glassnode pointed out that the current metrics are consistent with the middle phase of past bull markets, hinting that the rally may still have momentum.

This shift in sentiment follows Bitcoin’s dip to $112,044 over the weekend—just weeks after hitting a record high of $123,100 on July 14, according to Nansen. At the time of writing, Bitcoin had modestly recovered to $114,766.

Supporting Glassnode’s outlook, onchain analytics platform Checkonchain posted on X that the Spent Output Profit Ratio (SOPR) among STHs is showing “top buyers and weaker hands” offloading their coins around their entry points. “Many recent top buyers… are saying ‘get me out,’” the post read, suggesting capitulation among risk-averse investors.

Analysts Remain Bullish for Year-End

Despite the correction, leading voices in the industry maintain a bullish stance for Bitcoin through the remainder of the year. Checkonchain noted that a “short, sharp dip into red territory” followed by a rebound would be a classic signal confirming that the bull market remains intact.

Meanwhile, Tom Lee, co-founder of Fundstrat and chairman of BitMine, echoed this optimism. Speaking on the Coin Stories podcast, Lee projected Bitcoin could reach $250,000 before the end of 2025.

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