📊 Today, the average realized price of short term holders (STHs) sits around $102,000.

— 💡You may find slightly different values on other platforms, but the realized price shown on this chart is an adjusted calculation that removes the 800,000 BTC movement from Coinbase. —

This STH cost basis is a key area to watch.

As price approaches it, STHs are faced with two main choices :

➡️ Hold and hope for further upside

➡️Exit at break even

So far, STHs have shown little hesitation in taking short term profits.

However, once these very short term gains are realized, the real test will be this cost basis level.

For now, we continue to trade below it, and historically this has often been a good accumulation zone.

⚠️ I say often because bear market periods need to be excluded, as they tend to drag short term holders into prolonged drawdowns and pain.