On-chain data reveals that investors are taking an unconventional approach during this rally.
According to CryptoQuant, short-term holders (STHs), who accumulated Bitcoin at an average price of $100,315, are now roughly 18% in profit, but have yet to sell.
These holders typically keep BTC for less than 155 days and are known for quickly taking profits.
The chart below highlights how STHs usually behave when Bitcoin hits a new high. Historically, they begin with slow distribution, followed by a period of renewed accumulation.
In this case, the SOPR (Spent Output Profit Ratio)—a metric used to measure profit-taking activity—has remained neutral.
There have been no strong signals of either accumulation or distribution, suggesting STHs are willing to hold longer than usual.
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