In the recent drop in the price of Bitcoin (BTC), short-term holders (STH) experienced the largest variation in the 7-day average purchase price since the FTX low in 2022, when BTC was around US$ 16 thousand.

This indicates strong reallocation of supply, with capitulation of weak positions and rapid update of the average cost — a typical behavior during phases of stress that often precede periods of stabilization or reversal.

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