Short -lived holders (sths) have added approx. 450,000 BTC for their supply since July, which now holds about 2.6 million BTC according to Glassnode data.
SHHS is defined as investors who bought Bitcoin within the last 155 days.
This increase marks the third distinct cycle of rising sth activity since the beginning of 2024 and has typically marked a local top in the Bitcoin price.
The first top took place in April 2024, shortly after Bitcoin’s March All-Time High of $ 73,000.
The second top came in January 2025, which adapted $ 110,000 to the time High, and the latest so far has the third top followed a new record of $ 126,000.
Each successive cycle has seen a smaller sth coating, which suggests that the total market’s euphoria and speculative behavior gradually fades.
Across these three peaks, the STH supply as a proportion of the total circulating supply has dropped from 22%to 20%and now sits at approx. 18%, according to Glassnode data.
Earlier in the Q1 2025, STHS held up to 2.8 million BTC, but their supply fell to about 2.1 million BTC when Bitcoin rejected $ 76,000. This indicates that sths was an important driving force for the selling pressure seen in April.
In contrast, long -term holders (the inverse of sths) began to reduce their position during the summer months and distributed approx. 250,000 BTC since July, when Bitcoin consolidated, and now had 14.5 million BTC.
When Bitcoin enters its historically strongest period in the quarter, the expectation is that the STH supply will continue to rise and make new cycle heights over 3 million BTC.
