Bitcoinist
January 4, 2026 7:00 AM UTC

Bitcoin STHs In Deep Pain As 97% Of Supply Underwater

On-chain data shows the Bitcoin short-term holders are massively in loss, with just 3.2% of their supply sitting on some unrealized profit. Vast Majority Of Bitcoin STH Supply Is In The Red As pointed out by CryptoQuant community analyst Maartunn in an X post , the Bitcoin short-term holders as a whole are currently facing an underwater situation. The “ short-term holders ” (STHs) here refer to BTC investors who purchased their coins within the past 155 days. Statistically, the longer an investor holds onto their coins, the less likely they become to move or sell them in the future. Since the STHs have a relatively short holding time, they may be considered to consist of the weak side of the market. The diamond hands are represented by the “ long-term holders ” (LTHs), who have been holding since longer than 155 days. As the below chart shows, the Bitcoin STHs currently hold a total of 5,198,409 BTC in their balance. It’s also visible in the graph that in terms of the trend, the STH supply has been sliding down recently, meaning that coins have been maturing into the LTH cohort. In other words, HODLing sentiment has been rising among holders alongside the market downturn. While the STH supply has declined, its loss concentration has been maintained at high levels, as the Supply in Loss metric shows. The Supply in Loss measures, as its name suggests, the percentage of the BTC supply that’s being held at some net unrealized loss right now. The indicator determines this by going through the on-chain history of each coin to find its last transaction price/cost basis. Coins with an acquisition value higher than the latest spot price are put in the loss category. Another indicator called the Supply in Profit tracks the coins of the opposite type: those with a cost basis lower than BTC’s current value.The bearish market action in recent months has resulted in the Supply in Loss shooting up for the STHs, with its value today hitting the 96.8% level. At the same time, the Supply in Profit has naturally plummeted, shrinking down to just 3.2%. In some other news, a very old LTH has shifted their coins during the past day, as Maartunn has highlighted in another X post . These tokens were held for more than ten years before being involved in this transaction, suggesting that either some lost coins have been rediscovered or a very resolute investor has decided to break their silence. BTC Price At the time of writing, Bitcoin is floating around $66,600, down over 6% in the last seven days.