Bitcoin’s (BTC) short-term holders (STHs) have spent 229 out of 345 days in profit, an outcome that appears contradictory given that BTC is at a negative year-to-date (YTD) return and struggles to trade above $100,000.
However, beneath the weak headline performance, the structure of onchain positioning tells a different story.
Key takeaways:
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Bitcoin short-term holders logged profits for 66% of 2025, even while BTC traded below its yearly open.
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The STH realized price at $81,000 acted as a…
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