Despite periods of pressure and unrealized losses, many short-term Bitcoin holders showcased resilience, holding on to their coins rather than selling. Following a series of recent upside moves, Bitcoin’s price is now back above the short-term holder cost basis, and the cohort is now returning to profitability.
A period where this trend was clearly seen was during the sharp declines in late 2025 and early 2026. At the time, the indicator saw a drop below 0.95, which coincided with robust price corrections. On the other hand, a move back above 1 suggests that STHs have begun realizing profits on their sales, typically signaling improving confidence and a return of bullish momentum.
Currently, the indicator’s minor stabilization above 1 can be interpreted as an early indication that the market is trying to reestablish balance following a period of selling pressure. Being back above the 1 level is bullish, but the key factor remains whether the indicator has the capacity to maintain its position above it over a long period.
Whales In Accumulation Mode
