$BTC
The recent price surge has also been a welcome relief for Bitcoin Short-Term Holders (STHs), a proxy for new demand and recent buyers. This cohort saw over 90% of their supply fall into a loss in late July, putting them into a financially stressful position.
This rally has now broken back above the STH cost basis and returned 75% of their held supply to an unrealized profit. This can be seen within the STH-MVRV metric, which has now recovered above the break-even level of 1.0.
