Long/Short Term Holders (LTH/STH)
BTC holder split: LTH > 155 days held, STH < 155 days.
Glassnode splits BTC holders into LTH (>155 days) and STH (<155 days). LTH = strong hands - buy in bear, hold. STH = speculators reacting to news. LTH supply rises in bear (accumulation), falls in bull (LTH sell to STH at top). Classic cycle top: LTH supply drops 1M+ BTC in 6 months.
In plain words
Investors split into two groups: those holding BTC over 5 months (long-term, strong hands) and under 5 months (short-term, speculators).
Example
March-May 2024: LTH BTC supply dropped 14.9->14.2M = 700k BTC sold ~50B USD around the 73k top.
Also known as: lth, sth, long term holders