Short-term holders (STH)

The short-term holder cohort groups every coin that has changed position recently, typically within about 155 days. It captures new buyers, active traders and coins that just left exchanges. Because on-chain data records the price at which each coin last moved, analysts can calculate the STH realized price, the average acquisition cost of this group.

That cost basis matters in market commentary. When bitcoin trades above it, recent buyers sit on profits and dips toward it often attract demand; when price falls below it, many new holders are underwater and selling pressure can build. STH profit and loss ratios and STH-SOPR are popular gauges of short-term sentiment.

STH data is noisy. Internal exchange movements, ETF custody transfers and coins changing wallets without changing owners all reset coin age and inflate the cohort. The cost basis is a reference level that traders watch, not a mechanical floor, and it can be broken decisively in a sharp sell-off.