Bitcoin's market dynamics have recently shown intriguing shifts. The 30-day net position change for Long-Term Holders (LTH) has sharply decreased by 750k BTC. Despite this, Bitcoin's price has remained stable, largely due to Short-Term Holders (STH) accumulating 750k BTC even at higher prices.

Interestingly, the STH Spent Output Profit Ratio (SOPR) has turned negative, indicating that these holders are operating at a loss. This suggests that STH may choose to hold rather than sell at a loss, or potentially buy at lower levels.

If STH demand remains robust and LTH demand recovers, this could generate positive momentum for Bitcoin.