Bitcoin Short-Term Holder Supply measures the BTC inventory assigned to the recent-holder side of the STH/LTH split. The soft 155-day model uses a gradual age transition instead of a hard cutoff, reducing artificial jumps when coins approach the cohort boundary.
Rising STH Supply usually means more coin inventory has moved recently, often during distribution, renewed demand, or higher on-chain turnover. Falling STH Supply means fewer coins remain on the recent-holder side as recent supply ages into the LTH cohort.
The series is based on coin age, not known holder identity. Exchange reshuffling, custody movements, batching, and change outputs can reset coin age without proving a new economic buyer.
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