BTC Analysis
Bitcoin is currently trading just below its all-time high of $109,000, and signs of renewed market excitement are clearly emerging.
One of the most responsive sentiment indicators, the Short-Term Holder (STH) Supply in Profit/Loss Ratio, reflects this shift:
On April 7, during the sharp correction, the ratio dropped to 0.03, signaling that almost all STH supply was underwater as BTC hit a $76K low.
Since then, the ratio has surged above 9.0, indicating that over 90% of STH-held supply is now back in profit ā a strong sign of sentiment recovery.
This sharp shift in STH profitability has historically correlated with momentum phases in the market. With BTC hovering just below price discovery mode, this is a key metric to watch closely.