Bitcoin Short-Term Holders Take Profits: 41,800 BTC Transferred to Exchanges

Recent on-chain data indicates that short-term Bitcoin holders are taking significant profits, transferring large amounts of BTC to exchanges amid the asset’s recent price recovery.

Key Takeaways

Short-term holders of Bitcoin have transferred 41,800 BTC to exchanges to realize profits amidst a recent price rally.
STHs have a tendency to react quickly to market changes, contrasting with long-term holders (LTHs).
Exchange inflows show a significant uptick in profit-taking by STHs, while loss-based inflows have decreased sharply.
Overall, STHs remain in a net unrealized loss as Bitcoin trades below their average acquisition cost.
Bitcoin's current price stands at around $94,600, down from earlier highs of over $97,000 this week.

Bitcoin

Short-Term Holders Cashing In

In a recent update on X, analyst Maartunn from CryptoQuant discussed the current trend of Bitcoin short-term holders (STHs) transferring their holdings to exchanges.
STHs are investors who bought their Bitcoin within the last 155 days, representing one of the two primary groups in the market, with the other being long-term holders (LTHs).
Historically, STHs are seen as less stable, often reacting quickly to market fluctuations, while LTHs are viewed as more resilient investors.

Given the recent recovery in Bitcoin prices, some selling from STHs was expected. One effective way to track this selling activity is through examining exchange inflow data.

Below is a chart provided by Maartunn illustrating STH exchange deposit transactions over the past few months.

Bitcoin STH P&L

The chart distinguishes between profitable and loss-based transactions for STHs, showing whether holders realized gains or losses before transferring their tokens to exchanges.
It is clear from the chart that the total amount of profitable STH exchange deposits surged recently during the cryptocurrency rally, reaching an impressive 41,800 BTC. In contrast, inflows from STHs incurring losses dropped to a mere 1,800 BTC. This shift indicates a strong focus among STHs on capitalizing on profits.

However, despite some STHs cashing out into profits, the overall group remains in a net unrealized loss as Bitcoin continues to trade below the STH Realized Profit, as pointed out by the analyst in another post on X.

Bitcoin STH Realized Price

The “Realized Price” is an important on-chain metric that gauges the average acquisition costs for Bitcoin holders. For STHs, it specifically measures the break-even point for coins purchased in the last 155 days.

As shown in the chart, the Bitcoin spot price fell below the STH Realized Price during the market dip in Q4 of 2025 and has remained under that threshold, although the latest price rally is bringing it closer. Currently, the Realized Price indicator stands at $99,412.

Current Bitcoin Price

Since peaking above $97,000 earlier this week, Bitcoin's price has declined and is now trading around $94,600.

Bitcoin Price Chart The price movement of Bitcoin over the last five days | Source: BTCUSDT on TradingView