Offerta degli Holder di Breve Periodo

Short-Term Holder Supply = the total bitcoin that has moved within the last 155 days. It complements LTH supply (the two sum to roughly circulating supply) but has the opposite temperament: LTH is ballast, STH is floating chips — coins that changed hands within the past five months, held at cost bases near spot by sensitive hands likely to move again. This curve directly sizes the market's hot-money inventory.

STH supply can expand from only two sources: fresh capital buying inventory off veteran hands (LTH distribution), or existing coins churning faster — both point to rising activity and speculative heat, typical of bull impulse phases. STH contraction means coins are aging in place: turnover stalls and cohorts bought 155+ days ago graduate into LTH — the classic bear-market and base-building signature. Mind the counterintuitive timing: STH supply tends to peak and roll over after the hottest stretch of the market, because the graduation mechanism lags by 155 days.

Always overlay the two curves. In bulls, LTH falling while STH rises is the healthy distribution-absorption structure. If price still sits high but STH has begun shrinking, new-money inflow is drying up and the bid is thinning. In bears, STH compressed to extremes while LTH prints highs has historically marked the cleanest late-accumulation structure. Within this site's window, STH supply peaked in late 2025 and bottomed in late 2023 — matching the window's hottest and coldest phases respectively.

The three caveats from the LTH page all apply: provider definition differences (entity adjustment or not), a rolling ~4-year bitcoin-data.com window, and occasional collection glitches. One extra: STH supply is sensitive to exchange housekeeping — cold-to-hot wallet reshuffles 'reset' large tranches of old coins to young, creating spurious STH pulses. On any abrupt jump, check for large exchange on-chain operations that day before drawing conclusions.

Alongside holder behavior, watch short-term leverage via BTC liquidations and funding rates.