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On-chain analyst Axel Adler Jr. said the profit margin for Bitcoin short-term holders with holding periods of under six months, relative to their average purchase price, fell to 5.9% from 8.7% over the past week.
In a blog post, Adler said the average purchase price for short-term holders stood at $76,000 as of Oct. 25, up $1,100 from a week earlier. Adler said if BTC falls below $76,000, short-term holders would enter loss territory on average. Adler added that the group’s average purchase price was 1.56 times that of long-term holders at $48,600, up from 1.36 times in mid-August.
Adler said the 30-day moving average crossed above the 90-day moving average on Sept. 17 in an indicator tracking the ratio between the two groups’ average purchase prices. Adler added that the same ratio had declined for an extended period before the 30-day moving average crossed above the 90-day moving average in May 2019 and February 2023, and the downtrend ended around those signals at the time.