During the recent sale #BTC short-term holders experienced the largest change in their value over 7 days since reaching a low of #FTX in 2022 at $16 thousand.

Historically, when the price of Bitcoin falls below the STH Cost Basis level, it can signal a transition from a bullish to a bearish trend, requiring either strong counter demand or a prolonged accumulation phase to restore equilibrium.

The decline that has occurred indicates that buyers who entered the market at recent peaks are facing pressure and are realizing their losses, which in turn increases the supply in the market and may take time to absorb that supply.