Long-term holders (LTH) net position change has fallen sharply to -750k BTC, just as Bitcoin’s rally resumed.

Interestingly, BTC price has not seen a significant drop as short-term holders (STH) have continued to accumulate even at high levels. Their position change has reached +750k BTC.

STH have started to operate at a loss as their SOPR has become less than 1. This could mean that they will decide to hold rather than sell at a loss, or look for opportunities to buy cheaper.

If demand from STH remains strong and LTH returns to a neutral or positive position, this could create positive momentum for BTC.