If this offer is absorbed quickly, it could be a healthy “restart” of the upward trend.
If sales extend over time, there will be a long corrective or lateral phase.
Bitcoin (STHCoin (BTC )’s (STHC) holders are selling their assets with losses, a behavior not seen from the correction of January 2025, when the market experienced its deepest fall in this cycle, according to data from the on-chain Cryptoquant data provider data.
This phenomenon is reflected In the STH-SAPR multiples, an indicator that measures the relationship between the sale price and the acquisition of the BTC moved in the chain, which have fallen below 1 for the first time since thenespecially at the end of July and early August 2025, as can be seen in the following graph.
The STH-SAPR indicator, which focuses on investors that have maintained BTC for less than 155 days, reveals the feeling of the most speculative participants in the market. Unlike the general SOPR, which can be influenced by long -term holders movements with low -acquisition costs, The STH-SAPR offers a more immediate vision of reactions to price fluctuations.
Currently, their decrease indicates that STH are selling at lower prices to purchase, which suggests a loss of confidence among these investors.
This behavior has two possible outcomes, according to historical history. On the one hand, a sustained realization of losses could indicate a prolonged corrective phase, where speculative investors, in losing optimism, generate greater sale pressure and slow down the upward impulse of the market.
On the other hand, if these sales are absorbed rapidly, they could act as a “healthy restart”, eliminating the “weak hands” – investors with little conviction – and racing the way for more solid rebounds driven by actors with greater commitment.
In this context, the price of Bitcoin remains at $ 115,000, after having reached a historical maximum last week. Meanwhile, institutional investments could provide a key support, as reported by cryptootics.
Currently, Bitcoin treasury companies accumulate 977,451 BTC. This support strengthens the price, since it reduces the circulating offer and reflects a long -term confidence in the currency, which can counteract the sales pressure of the STH.
In the long term, The fundamental characteristics of Bitcoin reinforce its bullish potential. Its scarcity, limited to a maximum of 21 million BTC, positions it as a solid value reserve. This attribute, combined with the growing institutional interest, suggests that, despite current corrections, the market fund trend is still favorable.
However, Cryptoquant’s analysis warns that the evolution of these sales will be decisive: rapid absorption could boost a rebound, while prolonged pressure risks a market stagnation.
