Bitcoin Short-Term Holders Add 87,000 BTC in 30 Days
Bitcoin short-term holders have been on a buying spree, adding 87,000 BTC to their holdings over the past 30 days through Oct. 4. This brings their total holdings to 3.94 million BTC, a level that has remained above the previous month's level for seven consecutive weeks.
The indicator, which measures the supply of Bitcoin transferred in the past six months, has been positive since Aug. 18. This suggests that the supply of BTC is increasing, which could have implications for the overall market.
Short-term holders' estimated average cost is around $74,100, up about $1,000 from a week earlier. As Bitcoin's price increased, the cohort's estimated entry cost also rose. Currently, short-term holders are about 15% in aggregate unrealized profit, down from the 19% peak recorded on Sept. 22.
However, if Bitcoin's price falls below $74,100, short-term holders would have an aggregate unrealized loss. Additionally, if the 30-day change in their holdings turns negative, the group's holdings would begin contracting, which could weaken market structure.