The cryptocurrency market is showing signs of renewed vigor as Bitcoin surged past the $30,000 mark on June 21 for the first time in the past two months.
This rally triggered over $228.8 million in short liquidations within 24 hours, with Bitcoin accounting for $110.5 million. Bitcoin’s resurgence over the $30,000 threshold could potentially signal an upcoming rally, a sentiment echoed by on-chain data, particularly the behavior of short-term holders.
Short-term holders (STHs) are investors who have held their crypto assets for less than 155 days. Their behavior is crucial in market analysis as they are susceptible to recent price changes, making them a reliable indicator of market momentum.
CryptoSlate analysis, based on data from Glassnode, found a positive shift in the short-term holder realized profit/loss (STH RPL) ratio, a key metric in understanding market trends.
Graph showing the short-term holder profit/loss ratio momentum from May 21 to June 21, 2023 (Source: Glassnode)
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