BTC Trades About 7% Above Short-Term Holder Cost Basis, CryptoQuant Analyst Says

CryptoQuant analyst Axel Adler Jr. said on September 17 that BTC is trading at about $76,200, while the average cost basis for short-term holders, defined as those holding for no more than six months, is around $71,300. According to BlockBeats On-chain Detection, BTC is currently priced only about 7% above that cost basis. Over the past week, the gap between BTC’s price and short-term holder cost basis has continued to narrow, and the profit buffer for short-term holders has fallen from 10% to 7%. Adler said the average value of the short-term holder exchange profit and loss metric dropped about 96% between September 10 and September 17, nearing zero, which suggests that the balance between profitable and loss-making selling by short-term holders after transferring BTC to exchanges is moving toward equilibrium. Adler added that if BTC falls below the $71,300 average short-term holder cost basis and the exchange inflow profit and loss metric turns negative, it could indicate that short-term holders are broadly underwater and facing greater selling pressure.