On-chain data reveals that Bitcoin short-term holders have moved a significant number of tokens to exchanges during the asset’s recent recovery rally.
Bitcoin Short-Term Holders Are Taking Profits on Exchanges
In a new X post, CryptoQuant community analyst Maartunn highlighted the latest trend in exchange deposit transactions from Bitcoin short-term holders (STHs). STHs are investors who acquired their Bitcoin within the last 155 days. They are often seen as the more reactive side of the market, typically responding quickly to price swings, unlike long-term holders (LTHs) who are considered more resilient.
Given Bitcoin’s recent price rebound, selling pressure from STHs was expected. One way to monitor this activity is by tracking their exchange inflows.
The chart shared by Maartunn shows the volume of Bitcoin that STHs have deposited to exchanges over the past few months, categorized by whether the transactions were made at a profit or a loss.
As Bitcoin’s price rallied, the 24-hour total of profitable STH exchange deposits surged, peaking at 41,800 BTC. Meanwhile, loss-related deposits declined to a low of 1,800 BTC. This suggests that STHs are primarily focused on taking profits right now.
However, despite some profit-taking, the overall STH cohort remains in a net unrealized loss position. This is because Bitcoin is still trading below the STH Realized Price, as noted by the analyst in a separate post. The “Realized Price” is an on-chain metric that reflects the average acquisition cost for investors. For STHs, it specifically tracks the break-even point for coins bought in the last 155 days.
As shown in the chart, Bitcoin’s price fell below the STH Realized Price during the downturn in Q4 2025 and has remained beneath it since, though the recent rally has narrowed the gap. The indicator currently stands at $99,412.
BTC Price
After reaching a high above $97,000 earlier this week, Bitcoin has pulled back and is now trading around $94,600.
Frequently Asked Questions
FAQs Bitcoin ShortTerm Holders Cashing In
Beginner Questions
1 What does shortterm holder mean
A shortterm holder is someone who has bought Bitcoin within the last 155 days They are generally more sensitive to recent price changes than longterm holders
2 Why is it significant that they sent Bitcoin to exchanges
Sending Bitcoin to an exchange is often the first step to selling it When a large amount like 41800 BTC is moved to exchanges it suggests many shortterm investors may be preparing to sell which can increase selling pressure on the price
3 Is this a bad sign for Bitcoins price
It can be A large influx of Bitcoin to exchanges often precedes or accompanies a price drop as it increases the immediate supply available for sale However its just one indicator among many
4 How much is 41800 BTC worth
The value fluctuates with Bitcoins price As a reference if Bitcoin is worth 60000 then 41800 BTC is approximately 25 billion
5 Where can I see this kind of data
Data on exchange flows is tracked by blockchain analytics firms like Glassnode CryptoQuant and IntoTheBlock which are often reported by crypto news outlets
Intermediate Questions
6 What usually triggers shortterm holders to sell
Common triggers include hitting a specific profit target fear of a price drop negative news or broader stock market downturns that affect crypto sentiment
7 Whats the difference between this and longterm holder behavior
Longterm holders are typically less reactive to shortterm price swings They tend to send coins to exchanges much less frequently often only during major market tops or for specific needs
8 Can this selling pressure cause a crash
It can contribute to a significant price correction especially if it coincides with other negative factors However a true crash usually requires a larger confluence of events
9 Does this mean the market is about to go down
Not necessarily but it increases the probability of a pullback or period of consolidation The market can sometimes absorb this selling pressure if there