Bitcoin Price Correction: Short-Term Holders Reach $100k Cost Basis Amid Heavy Profit-Taking

On-chain analytics firm Glassnode data indicates Bitcoin’s short-term holder (STH) collective cost basis crossed the $100,000 threshold for the first time as of Tuesday, reflecting sustained bullish sentiment despite recent price declines.

Contents

Bitcoin Price Correction: Short-Term Holders Reach $100k Cost Basis Amid Heavy Profit-Taking Key Points ST Holders Cost Basis Surpasses $100k Significant Profit-Taking Event Mystery Whale Activity

Key Points

Bitcoin’s speculative investor base has an aggregate buy-in price above $100,000.
ST holders and long-term holders (LTHs) combined realized $3.5 billion in profits in a single day.
A long-dormant 14-year-old BTC wallet sent 40,000 BTC to crypto firm Galaxy Digital.

ST Holders Cost Basis Surpasses $100k

According to Glassnode, holders entering the market within the last six months, classified as short-term speculators, drove the new cost basis milestone for the STH cohort. Glassnode data confirms these cohorts’ average entry price surpassed six figures.

Glassnode data suggests neither STHs nor the larger LTH cohort exhibited urgency to sell during recent all-time highs. Instead, both groups participated significantly in the latest profit-taking wave.

Glassnode warned of cautious sentiment, noting over 99% of BTC’s supply is currently in a profit position, indicating potential for correction.

Bitcoin cost basis data (screenshot) — *Source: Glassnode*

Significant Profit-Taking Event

Data reveals STHs and LTHs combined for $3.5 billion in profit-taking between Monday and Tuesday morning (ET), one of the largest BTC profit realization days this year.

“One of the largest $BTC profit realization days this year – driven mostly by long-term holders,” per Glassnode’s social media posting.

Mystery Whale Activity

Parallel to the broader selling pressure, a notable on-chain movement involved the mystery owner of a dormant 14-year-old BTC wallet. Arkham intelligence shows this entity recently moved 40,000 BTC, valued at approximately $4.7 billion at Tuesday prices. The funds were deposited into Galaxy Digital.
This 80,000 BTC wallet, previously dormant, sent half its balance to Galaxy Digital, potentially representing an early mover locking in substantial gains.

Analysts caution that while profit-taking occurred on Tuesday, the dominance of LTH holders remains considerable, providing a potential support structure.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.