Short-Term Holder (STH)
On-chain cohort of recently-acquired coins (held under ~155 days) — the reactive, volatile hands that drive tops.
Short-term holders hold coins acquired within roughly the last 155 days. This cohort is more price-reactive and prone to panic selling and euphoric buying, so its cost basis and profit/loss state are sensitive gauges of near-term market pressure.
STH cost basis often acts as dynamic support or resistance — when price falls below what recent buyers paid, their unrealized losses can trigger capitulation. The interplay with long-term holders tells the cycle story: coins migrating from strong to weak hands near tops, and back again near bottoms. Splitting metrics like SOPR by cohort is where on-chain sentiment reading gets genuinely sharp.