Bitcoin’s short-term holders have spent 229 out of 345 days in profit despite BTC’s negative year-to-date return. The STH realized price at $81,000 acted as a sentiment pivot, signaling fading capitulation with unrealized losses narrowing to -12%. The volatility of 2025 can be explained by the interaction of Bitcoin’s price with its realized price.

In 2025, STH profitability was less driven by Bitcoin’s directional trend and more by the frequency of reclaiming the cost basis. The rebound towards $92,500 compressed STH unrealized losses to -12%, indicating a transition from capitulation to stability. New money entering near breakeven reinforces a stabilizing structure, potentially signaling a late-year correction completion.

Read more at Cointelegraph: BTC Short-Term Holders Were Profitable For 66% of 2025