Analysis: Bitcoin short-term holders continue to accumulate, with average cost rising to $74,100
CryptoQuant analyst Axel Adler Jr. said that as of October 4, Bitcoin short-term holders had added 87,000 BTC to their holdings over the past 30 days, bringing the total to 3.94 million BTC. This marks seven consecutive weeks in which the figure has exceeded the level of the previous month. The metric has remained positive since August 18, indicating that the supply of Bitcoin moved within the past six months is growing. Short-term holders’ average cost basis is currently around $74,100, with an overall unrealized profit of about 15%—roughly unchanged from a week ago, but below the interim peak of 19% on September 22. Meanwhile, their average cost basis has risen by about $1,000 from a week ago, suggesting that as Bitcoin’s price rises, short-term holders’ entry costs are also increasing. $74,100 is a key level to watch. If Bitcoin falls below it, short-term holders as a group will move into unrealized losses; if the 30-day change in their holdings also turns negative, it would mean the group’s holdings are beginning to contract as well, potentially further weakening market structure.
CryptoQuant analyst Axel Adler Jr. said that as of October 4, Bitcoin short-term holders had added 87,000 BTC to their holdings over the past 30 days, bringing the total to 3.94 million BTC. This marks seven consecutive weeks in which the figure has exceeded the level of the previous month. The metric has remained positive since August 18, indicating that the supply of Bitcoin moved within the past six months is growing. Short-term holders’ average cost basis is currently around $74,100, with an overall unrealized profit of about 15%—roughly unchanged from a week ago, but below the interim peak of 19% on September 22. Meanwhile, their average cost basis has risen by about $1,000 from a week ago, suggesting that as Bitcoin’s price rises, short-term holders’ entry costs are also increasing. $74,100 is a key level to watch. If Bitcoin falls below it, short-term holders as a group will move into unrealized losses; if the 30-day change in their holdings also turns negative, it would mean the group’s holdings are beginning to contract as well, potentially further weakening market structure.