Short-Term Bitcoin Holders Move Tokens Amid Price Recovery

On-chain data indicates that short-term Bitcoin holders have been transferring significant amounts of their tokens to exchanges alongside a recent recovery rally in the asset’s price.

Profit-Making Trades by Short-Term Holders

In a recent discussion on X, CryptoQuant analyst Maartunn highlighted the latest trends in how short-term Bitcoin holders (STH) are engaging in exchange deposit trading.

Short-term holders are defined as those who acquired Bitcoin within the last 155 days. This group stands in contrast to long-term holders (LTH), creating a clear divide in the market based on how long investors retain their assets.

Historically, short-term holders have acted as market underdogs, often quick to react to volatility, while long-term holders are thought to have a much steadier approach.

Given Bitcoin’s recent positive trend, it’s possible that short-term holders have engaged in a sell-off. One common method to track this group’s behavior is by analyzing exchange inflow data.

Maartunn posted a chart showing the Bitcoin exchange deposit activities of short-term holders over recent months.

The graph details STH deposit transactions categorized into profit and loss trades, depending on whether the holder faced unrealized losses before sending tokens to exchanges.

The data reveals that within a 24-hour period, STH exchange deposits for profit surged to as high as 41,800 BTC, while the inflows reflecting losses dropped to just 1,800 BTC. This suggests that short-term holders are primarily focused on taking profits.

Despite the positive indicators for some, it’s worth noting that the overall STH group is still dealing with net unrealized losses, as the price remains below the realized gains, according to insights shared by another analyst on X.

The term “Realized Price” refers to an on-chain metric that assesses the average purchase cost among Bitcoin addresses. Specifically for STH, it examines break-even prices for supplies bought within the last 155 days.

As illustrated in the previous chart, Bitcoin’s spot price dipped below the STH realized price during the downturn in Q4 2025. Although there has been a recent uptick, the price has yet to consistently exceed this break-even point, which currently sits at $99,412.

Current Bitcoin Price

Bitcoin, having peaked at over $97,000 earlier this week, is currently trading around $94,600.