Short -term Bitcoin (BTC) Holders (SCRE) have added 1.5 million bitcoin (BTC) since September, taking the total amount to over 4 million bitcoin, according to Glassnode.

This corresponds to an average accumulation of approx. 300,000 BTC per Month. During this period, Bitcoin rose from $ 60,000 to $ 109,000 before withdrew under $ 100,000. Glassnode defines sths like those who have kept bitcoin for less than 155 days.

Historically, in previous bull market cycles, Bitcoin’s price tends to reach the top when sths depleted their momentum, leading to a slowdown in the award assessment. This pattern has played out in 2013, 2017 and 2021.

However, sths kept significantly more bitcoin on these bicycle tops: 5 million BTC in 2013, 6.2 million BTC in 2017 and 4.6 million BTC in 2021. Compared to the current 4 million BTC, the current SCR holdings are relatively low, which suggests that it is new market participants could continue to gather, which means that the cycle may still have space to grow.

Meanwhile, long-term proprietors (LTHS) investors who have kept Bitcoin held for more than 155 days-distributed 1.2 million BTC in the same period. This indicates significant profit after Bitcoin’s strong rally since November.

The continued offloading of LTHS has been an important factor in Bitcoin’s stopped price action since mid -November.