Van Straten’s data reveals that short-term Bitcoin holders own more than 4 million BTC, indicating there’s still potential for the cycle to extend.

Since September, short-term holders have accumulated over 1.5 million bitcoin.

Since September, short-term Bitcoin (BTC) holders (STHs) have amassed more than 1.5 million BTC, bringing their total holdings to surpass 4 million BTC, as per Glassnode data.

This equates to an average monthly accumulation of approximately 300,000 BTC. During this time, Bitcoin’s price rallied from $60,000 to a high of $109,000 before retracing below $100,000. Glassnode categorizes STHs as those who have held their Bitcoin for fewer than 155 days.

Historically, Bitcoin’s price peaks have been marked by STHs exhausting their buying power, signaling a price slowdown. This trend has been seen in previous bull cycles in 2013, 2017, and 2021.

However, STHs held far more Bitcoin at these market cycle peaks: 5 million BTC in 2013, 6.2 million BTC in 2017, and 4.6 million BTC in 2021. The current STH holdings of 4 million BTC are relatively lower, suggesting that new participants may continue to accumulate Bitcoin, which implies that the current cycle may still have significant room for growth.

Meanwhile, long-term holders (LTHs), who have held Bitcoin for more than 155 days, have sold off 1.2 million BTC in the same period, indicating a significant profit-taking phase following the strong rally Bitcoin has seen since November.

The continued distribution of Bitcoin by LTHs has contributed to the price consolidation in the market since mid-November.