) faces a battle for a key bull market trendline, which it lost for the first time in nearly a year in June.shows BTC price action retesting the short-term holder realized price.Bitcoin STH activity is a key point of reference during bull markets, as the aggregate cost basis of this speculatory hodler cohort often forms long-term price support.
“Recently, the Bitcoin price has reclaimed the STH Realized Price,” CryptoQuant contributor J. A. Maartunn wrote in one of its“This is a positive sign because short-term holders often add to their positions when Bitcoin returns to their average cost basis, creating a support level.”Maartunn additionally noted that “since 2023, Bitcoin has reclaimed the short-term holder Realized Price twice, each time resulting in at least 30% profits.
"Across the last 30-days, the Short-Term Holder cohort experienced a dramatic decline in profitability, with more than -66% of their supply moving into an unrealized loss," onchain analytics firm Glassnode wrote in the latest edition of its weekly newsletter,""This is one of the largest declines in STH profitability on record. This suggests that a significant number of 'top buyers' have seen their portfolio profitability challenged in recent weeks.