Analysis: Bitcoin short-term holders continue to add to their positions, with their average cost rising to $74,100.

CryptoQuant analyst Axel Adler Jr. noted that as of October 4, Bitcoin holdings of short-term holders increased by 87,000 coins over the past 30 days to 3.94 million, marking the seventh consecutive week this metric has outpaced the prior month’s level. The indicator has remained positive since August 18, signaling a rise in Bitcoin supply that has changed hands over the past six months. Currently, short-term Bitcoin holders have an average cost basis of roughly $74,100, with an overall unrealized profit of around 15%—nearly unchanged from a week ago, but below the September 22 phase high of 19%. Meanwhile, their average cost has climbed by approximately $1,000 week-over-week, indicating that as Bitcoin’s price rises, the entry cost for short-term holders is also increasing. The $74,100 level is a key threshold to monitor now. If Bitcoin drops below this level, short-term holders as a whole will flip into unrealized losses; if the 30-day holding change also turns negative, it means this group’s position size is starting to shrink, which could further erode market structure.