Bitcoin short-term holders are “likely taking on more risk” amid long-term holders “likely taking profits,” according to a crypto analyst.
Short-term holders seem to be turning bullish on Bitcoin (BTC) as Q4 2024 begins, despite concerns that October is not off to a flying start. Over the past seven days, short-term holders realized capitalization has jumped by $6 billion.
Short-term holders — those who have held their Bitcoin for less than 155 days — are “likely taking on more risk or increasing their buying positions,” CryptoQuant contributor Amr Taha argued in an Oct. 5 analyst note.
He pointed out that the seven-day change in STH realized cap — an onchain metric that values each Bitcoin based on the price it was last moved — moved from -$17 billion to -$11 billion, representing a $6 billion “sharp increase” in the cohort’s Bitcoin value. The large spike in buying activity signals a more positive sentiment among STHs as the crypto market transitions from Q3 to Q4.
