The 30-day net position change for Long-Term Holders (LTH) has turned sharply negative, reaching -750k BTC just as Bitcoin's rally resumed.
Despite this, BTC's price did not experience a significant drop, as Short-Term Holders (STH) continued to accumulate even at elevated price levels. The net position change for STH also reached a positive value of +750k BTC.
Interestingly, as STH accumulated at higher prices, the STH SOPR (Spent Output Profit Ratio) turned negative (<1), indicating that these holders just started to operate at a loss.
This suggests that they may choose to hold rather than sell at a loss or potentially look to buy at lower levels.
If demand from STH remains strong and demand from LTH recovers to neutral or positive territory, this combination could create a positive momentum for BTC.
Written by Darkfost
