Short-Term Bitcoin Holdings Top 4 Million BTC as Profit Cushion Thins

Bitcoin (BTC) held by short-term holders rose to about 4.08 million BTC on Oct. 16, its highest level since mid-June, while the group’s unrealized-profit cushion narrowed to about 10%.

The balance was about 422,000 BTC, or 12%, above the July 29 low. The cohort added about 154,000 BTC during October’s first two weeks, including about 48,000 BTC over the past week.

Most new buyers entered between $82,000 and $86,000. The group’s average cost basis was about $74,900. Bitcoin has remained above that level since Aug. 20.

A drop below the cost basis would put the cohort in aggregate unrealized losses and could add to selling pressure.