Bitcoin Short-Term Holders ‘Cool Off’ as Price Holds Above $114K

Bitcoin (BTC) is showing signs of stability and strategic accumulation, even as the price remains below its recent all-time high. According to on-chain analytics platform Glassnode, short-term holders (STHs) — those who have held BTC for less than 155 days — have slowed down profit-taking activity, signaling a potential cooling-off period in volatility.

Profit-Taking Drops Below Neutral Level

In a market report released Wednesday, Glassnode revealed that Bitcoin STH spent volume in profit — the proportion of recent buyers selling their BTC at a gain — has fallen to 45%, dipping below the neutral 50% level.

"This drop suggests short-term holders are becoming less aggressive in taking profits, even as the price consolidates above $112K," the report noted.

At the time of writing, Bitcoin is trading at $114,766, after bouncing from a local low of $112,044 — a sharp retracement from its all-time high of $123,100 on July 14, per data from Nansen.

Market in a “Relatively Balanced Position”

Glassnode’s analysis shows that:

70% of STH supply is still held in profit

There’s an even split between profit-taking and loss-taking among coins on the move

“This is a level which aligns with the midline of prior bull phases, and is again not an atypical condition,” Glassnode stated.

This "balanced" positioning suggests that the market is currently not overheated, potentially laying the groundwork for the next leg up.

Onchain Insights: Weak Hands Are Folding

Further insight came from Checkonchain, which pointed out in a post on X (formerly Twitter) that:

"Many recent top buyers and ‘weaker hands’ are selling around their buy-in price and saying ‘get me out.’"

The platform referenced Bitcoin’s Spent Output Profit Ratio (SOPR), which tracks whether coins moved on-chain were sold at a profit or loss. Current SOPR readings show loss-selling is slightly outweighing profit-taking — a sign of capitulation among less confident traders.

Bitcoin was trading at $114,766 at the time of publication. Source: Nansen

Checkonchain emphasized that:

“What we want to see from here is a short, sharp dip into red territory, resolving back to a healthy green number. This confirms the bull is still in play.”

Outlook: $250K Still in Play?

Despite a volatile July and a modest retreat from the top, analyst sentiment remains bullish heading into the final stretch of 2025.

Tom Lee, co-founder of Fundstrat and chairman of BitMine, reiterated his bullish stance in a recent interview with Coin Stories:

“I think Bitcoin should really build upon this 120 before the end of the year; $200,000, maybe $250,000.”

Lee’s forecast suggests confidence in Bitcoin's underlying macro and market fundamentals, despite the current consolidation range.

Final Thoughts

The cooling off of short-term profit-taking combined with high levels of unrealized profits suggests the market is not overextended, and recent volatility may be part of healthy consolidation rather than trend reversal.

As the second half of 2025 unfolds, eyes will remain on short-term holder behavior, SOPR trends, and macro forecasts — all of which are likely to shape Bitcoin’s path toward potential six-figure highs once again.

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