#STH (Short-term Hodler) supply in profit reached above 50% of their hodlings.

In response to the current price rally, over 70.5% of all recently acquired #BTC is back in the green.

This demonstrates that a large volume of coins changed hands over recent months.

As the market recovers from extended #bear markets, these new #STH buyers return to profit.

We have seen this explosion in #STH profit dominance, indicative of a large #proportion of the coin supply having been accumulated below the current price

This Chart Shows the #Profit or #Loss Bias (dominance) of #STH volumes flowing into exchanges. We can see a steady decline in profit dominance as the 2023 rally progressed, as more #STHs acquired coins with an increasingly elevated cost basis.

This week we saw the largest loss dominance reading since the #March sell-off to $19,800. This suggests that the STH cohort are both largely underwater on their holdings, and increasingly price sensitive.

#STH-#NUPL has crossed above 0.25 for the first time since the Nov-2021 #ATH.

This suggests both a degree of optimistic market sentiment is creeping in for #ETH but is also a level where markets tend to take a pause and digest profit taking distribution pressure. Historically, this type of sentiment shift for short-term holders has coincided with local peaks during a macro uptrend.

Further confluence can be found by evaluating the percentage of the overall #STH balance sent to exchanges. Since Oct 2023, the STH cohort have been depositing upwards of 1% of their supply per day, peaking at a value 2.36% during the recent #ETF led speculation. This is largest relative deposit since the March 2020 sell-off.

By this #STH/Total Realized Loss Ratio, we can see that this condition has lasted for between 6.5 and 13.5 months until the bear market sets in. The current market has only entered this condition for around 1-month so far.