Indicator Overview

The indicator measures the percentage of the total circulating Bitcoin supply that is held by Short-Term Holders (STHs). STHs are defined as wallets holding coins last moved less than 155 days ago. This percentage highlights the relative dominance of speculative, new capital versus long-term HODLed supply, offering insight into market risk and investor distribution dynamics.

How To Use

STH Supply % is a valuable tool for identifying cyclical turning points and evaluating market risk. When the STH Supply % drops to historically low levels, it indicates a successful transfer of coins to high-conviction long-term holders, often signalling cyclical bottoms and high-reward accumulation zones. Conversely, a sharp increase to high levels indicates a large influx of new speculative capital, leading to high speculative overhead supply that precedes potential cyclical tops and high-risk environments.