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Key Takeaways:
- Bitcoin short-term holders are selling less as price rebounds from $112K.
- Market metrics suggest a balanced and stable mid-bull phase.
- Analysts still forecast a potential Bitcoin surge to $200K–$250K in 2025.
Bitcoin short-term holders (STHs) are dialing back profit-taking as the cryptocurrency stabilizes above its local low of $112,000, according to onchain data from Glassnode. STH spent volume — a key metric indicating recent buyers selling in profit — has dropped to 45%, dipping below the neutral threshold.
Glassnode analysts noted this cooling trend suggests the market is entering a “relatively balanced position,” with approximately 70% of short-term supply still held in profit. The firm described current dynamics as typical of mid-phase bull cycles.
Market Behavior Signals Stability
After a steep decline from its $123,100 all-time high on July 14, Bitcoin briefly touched $112,044 before rebounding. As of publication, it trades around $114,766, per Nansen data. The reduced selling from STHs, who are historically quick to exit during volatility, points to growing resilience in the market.
Supporting this, onchain platform Checkonchain noted that the Spent Output Profit Ratio (SOPR) indicates more selling from buyers at the top — those at or below breakeven — than from those still in profit. These “weaker hands,” the post explained, are exiting at cost, suggesting capitulation among the least confident holders.
Short Term Bitcoin holders have flipped from profit-taking mode to loss-taking mode.
— _Checkonchain (@_checkonchain) August 7, 2025
Many recent top buyers and 'Weaker' hands are selling around their buy-in price and saying "get me out".
What we want to see from here is a short, sharp dip into the 🟥 zone (to flush out the… pic.twitter.com/9yczdG58G8
Bullish Sentiment Holds for 2025
Despite the pullback, long-term sentiment remains positive. Tom Lee, Fundstrat co-founder and BitMine chairman, remains bullish, forecasting a potential surge to $250,000 in 2025. “Bitcoin should build upon this $120K level before year-end,” Lee stated in a recent podcast.
Also Read: Why Institutions Are Scooping Up Bitcoin Despite $196M ETF Outflows
Checkonchain echoed this outlook, saying a brief dip into loss territory followed by recovery would affirm the ongoing bull trend.
The moderation in short-term holder selling, coupled with resilient price action and optimistic long-term forecasts, paints a cautiously bullish picture for Bitcoin. As the market stabilizes, attention now turns to whether BTC can sustain momentum and reclaim its all-time highs later in the year.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
