TechFlow reported, according to Glassnode data, the Bitcoin Long-Term Holder/Short-Term Holder Supply Ratio (LTH/STH Supply Ratio) has dropped to 3.78, hitting a new low for this cycle. This metric reflects the dominance of bitcoin supply held by long-term holders relative to short-term holders. Over the past 30 days, on-chain holding distribution has accelerated turnover, indicating that HODLing is no longer the dominant market behavior. The declining LTH/STH supply ratio suggests more investors are favoring short-term trading over long-term holding.
Glassnode analysis notes this trend differs from historical market top characteristics. In previous cycles, even during periods of declining long-term holdings, Bitcoin's price could continue rising.
