Bitcoin short-term holders ‘cooled off’ profit-taking as price sticks to $115K

Bitcoin short-term holders in profit have eased their selling activity as Bitcoin’s price continues to slowly climb above its local low of $112,000, according to onchain analytics platform Glassnode.

Profit-taking among Bitcoin Short-Term Holders (STH) — those holding for less than 155 days — has “cooled off,” Glassnode said in a markets report on Wednesday. The analytics firm explained that Bitcoin (BTC) STH spent volume, which measures the proportion of recent buyers in profit selling their Bitcoin, has dropped to 45%, below the neutral level.

Market in “relatively balanced position”

Glassnode said figures suggest the market “is in a relatively balanced position, with 70% of STH supply still held in profit, and an almost even split of profit and loss taking in coins which are on the move.” 

“This is a level which aligns with the midline of prior bull phases, and is again not an atypical condition,” it added.

The behavior of Bitcoin STHs is closely watched by market participants, as history shows they are more prone to selling during periods of market volatility.

It comes after Bitcoin fell to $112,044 on the weekend, just a couple of weeks after reaching new all-time highs of $123,100 on July 14, according to Nansen. At the time of publication, Bitcoin is trading at $114,766.

Onchain analytics platform Checkonchain said in an X post on Wednesday that the Bitcoin STH Spent Output Profit Ratio (SOPR) shows recent buyers who bought near all-time highs at a loss are selling more than those recent buyers in profit.

“Many recent top buyers and ‘Weaker’ hands are selling around their buy-in price and saying ‘get me out,’” Checkonchain said.

Bitcoin outlook positive for remainder of 2025

“What we want to see from here is a short, sharp dip into red territory, resolving back to a healthy green number. This confirms the bull is still in play,” Checkonchain added.

Despite the recent price pullback, several crypto analysts remain optimistic about Bitcoin’s performance for the rest of 2025.

Fundstrat co-founder and BitMine chairman Tom Lee said Bitcoin may reach $250,000 in 2025, despite other crypto analysts cautiously pulling back targets.

“I think Bitcoin should really build upon this 120 before the end of the year; 200,000, maybe, 250,” Lee told Natalie Brunell on the Coin Stories podcast on Tuesday. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.