We can enhance our Short-Term Holder analysis by examining cost-basis levels of individual sub-groups within the cohort. These create a fast-to-slow ribbon of cost basis levels, functioning as a momentum indicator.

The recent upward move has significantly reduced financial pressure on these investors, with all new demand sub-groups now profitable. If sustained, this represents another positive signal for market momentum.

Conclusion: With nearly all investor denominations now in profit, this broad-based profitability suggests strong underlying momentum and reduced selling pressure from newer market participants.