Bitcoin short-term holders hit 30-day profit streak as bull-market odds improve: CryptoQuant
Bitcoin short-term holders approached a full month in partial profit as analysis saw improving odds of an enduring bullish BTC price reversal.
Bitcoin short-term holders have entered a 30-day profit streak, signaling a strengthening bullish trend, according to new analysis from CryptoQuant. Bitcoin (BTC) speculators have maintained at least partial profits for nearly a month, as reported by onchain analytics platform CryptoQuant. The subset of Bitcoin's short-term holder (STH) cohort, which consists of wallets holding an unspent transaction output (UTXO) for less than six months, has been in profit since August 16.
The STH investor base has been divided, with $168.2 billion in profitable STH coins and $102.6 billion held below acquisition price. CryptoQuant emphasizes this 30-day profit streak as a key indicator of market strength, as it is the first time STHs have remained in profit territory for an extended period since the market peak. This aligns with previous occurrences of sustained STH profitability at the end of Bitcoin's bear markets.
The data supports the notion that Bitcoin's price reversal is becoming increasingly likely, as STHs are holding onto profits and continue to ride the upside.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
