# Bitcoin Climbs to $67K: 75% of Short-Term Holders in Profit

By Sheena Jordan

Canonical URL: https://www.tokenpost.com/news/business/12498
Published: 2024-07-29T01:49:07.000Z
Updated: 2024-07-29T01:49:07.000Z
Section: Business

> Bitcoin has surged to $67,000, placing over 75% of short-term holders in profit and suggesting further bullish momentum.

Bitcoin has surged to $67,000, placing over 75% of short-term holders in profit and suggesting further bullish momentum.

With three-quarters of short-term Bitcoin holders now turning a profit, the cryptocurrency could see further price gains.

This is because, as stated in a report by [Glassnode](<https://insights.glassnode.com/the-week-onchain-week-30-2024/>) on July 24th:

“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.”

Relief for Short-Term Investors

Short-term holders, who witnessed almost 90% of Bitcoin's supply fall in late July, can breathe a sigh of relief thanks to the price rebound, [Cointelegraph](<https://cointelegraph.com/news/bitcoin-75-percent-short-term-holders-profit-67k>) shares.

Investors trying to get a feel for Bitcoin demand and buying trends typically look to the cohort of short-term holders as a surrogate.

Maintaining Critical Support Levels

Despite a $3.9 billion BTC futures expiry that might have sent the price of Bitcoin soaring to $63,000, it was able to settle above a critical support level.

Popular cryptocurrency analyst Rekt Capital stated in an X post from July 26 that, following the rally, Bitcoin must remain above the present $65,000 level, which serves as critical support:

Approaching the $68K Barrier

The psychological $68,000 threshold presents substantial hurdles for Bitcoin, notwithstanding the positive price recovery.

According to data from [CoinGlass](<https://www.coinglass.com/pro/futures/LiquidationMap>), if Bitcoin is able to surpass the $68,000 barrier, about $700 million worth of cumulative leveraged short bets might be liquidated across all exchanges.

$68K Barrier Crucial for Potential Short Squeeze

Short liquidations would exceed $1 billion at $68,500, but getting there would be contingent on capital flowing into US spot Bitcoin ETFs.

[Farside Investors](<https://farside.co.uk/?p=997>) data shows that US spot Bitcoin ETF inflows have been trending downward since July 23, hitting a cumulative inflow of $31.1 million on July 25.

[TokenPost](<https://www.tokenpost.com/>) | info@tokenpost.com

## Links in this article

- [Glassnode](https://insights.glassnode.com/the-week-onchain-week-30-2024/)
- [Cointelegraph](https://cointelegraph.com/news/bitcoin-75-percent-short-term-holders-profit-67k)
- [CoinGlass](https://www.coinglass.com/pro/futures/LiquidationMap)
- [Farside Investors](https://farside.co.uk/?p=997)
- [TokenPost](https://www.tokenpost.com)