Short-Term Holders Had No More Profits to Take One of the most bullish things I have seen in the last few months: In early 2024, following ETF approvals, short-term holders (STHs) owned up to 18% of supply—all in profit. Heavy sell pressure ensued as they took gains and sold to long-term holders (LTHs). By September 2024, sell pressure was exhausted, and Bitcoin began another leg up. The same process is unfolding in 2025: At the latest peak, STHs again held 20% of supply in profit. They have now offloaded most of it to LTHs. As of early April, STHs hold almost no profitable supply, which historically marks a bottom. This setup offers a favorable risk-reward profile for long-term investors. Discussed in the latest BI Report: https://account.21stcapital.com/blog/capital-is-fleeing-the-us-to-a-new-home-in-gold-and-bitcoin