Bitcoin Long-Term vs Short-Term Holder Supply Ratio compares softly weighted mature supply with softly weighted recent supply. The 155-day boundary is treated as a gradual transition, reducing mechanical jumps around the standard LTH/STH age cutoff.
High readings usually belong to accumulation-heavy regimes, where older supply dominates and recent turnover is relatively low. A falling ratio means STH-weighted supply is gaining share, often during distribution, renewed demand, or higher on-chain activity after coins move and reset age.
The ratio summarizes supply-cycle structure, but it does not identify holder intent. STH and LTH supply show the underlying cohort inventories, while STH/LTH realized price adds the cost-basis layer behind those age cohorts.
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