Thomas Daniels
Bitcoin’s speculative base has hit a new milestone, with the average cost basis for short-term holders (STHs) exceeding $100,000—a development that may cement this level as a pivotal support zone amid heightened market volatility.
According to blockchain intelligence firm Glassnode, the average acquisition price for investors who entered the market within the past six months has now surpassed six figures. This benchmark is particularly significant, as STHs—known for their sensitivity to short-term price movements—often set dynamic support levels during bull market cycles.
The move comes as the broader market saw a sharp uptick in realized profits. Over a 24-hour period ending early Tuesday, both short- and long-term holders collectively realized approximately $3.5 billion in gains, marking one of the most substantial profit-taking events of the year. Glassnode attributed the bulk of these realized gains to long-term holders, underscoring the maturity and confidence of entrenched market participants even near all-time highs.
Adding to market intrigue, on-chain data revealed that a dormant Bitcoin address—untouched for 14 years—transferred 40,000 BTC to a wallet associated with Galaxy Digital. This wallet is linked to a previously inactive holder believed to control over 80,000 BTC, now partially in motion.
Glassnode’s latest “Market Pulse” report highlighted that while long-term holder dominance remains intact, the increase in short-term activity and near-universal profitability (with roughly 99% of circulating supply in profit) could heighten the risk of corrections. “Realized profit/loss indicators suggest elevated euphoria and potential market vulnerability,” the report noted.
From a technical perspective, the $100,000 level may now function not only as psychological resistance but also as structural support, underpinned by the collective entry price of newer market participants. Should Bitcoin undergo a deeper retracement, this zone could serve as a critical test of market conviction.
As institutional and whale wallets begin reallocating assets and crystallizing profits, traders and analysts alike are closely monitoring capital rotation trends. The movements of high-volume entities, particularly those transferring holdings to centralized platforms, often precede shifts in market momentum.
