---

Apr 4, 2026 — 2 min read

Bitcoin traded within a tight range throughout March, briefly rallying to $75,000 before falling back into the $63,000–$71,000 corridor. But beneath the stagnant price action, on-chain data reveals an interesting story about who is actually distributing Bitcoin right now.

Short-Term Holders Dominate Sell-Side Pressure

In a QuickTake post on CryptoQuant, analyst TeddyVision reports that Bitcoin’s most reactive investor group—Short-Term Holders (STH)—is still selling. This insight comes from the Exchange Inflow – Spent Output Age Bands metric, which tracks the age of BTC being sent to spot exchanges.

According to the data, the dominant inflow into exchanges comes from the 0–12 month cohort. In other words, short-term holders are driving the current sell pressure.

Meanwhile, older cohorts (above 12 months) remain largely inactive. While occasional spikes in long-term holder activity do occur, the analyst describes them as event-driven rather than signs of sustained distribution.

The takeaway? Weak hands are selling and supplying the market, while stronger hands are holding firm. Historically, this makes sense—long-term holders tend to sell during strong upward momentum, not during consolidation phases.

Market Absorbs STH Supply as Structural Strength Builds

What’s remarkable is that Bitcoin has held its price range despite increasing STH distribution. In the past, sustained sell pressure from short-term holders often triggered sharp downturns. That pattern held until early February, when the current consolidation began.

Data from the Coinbase Premium Index supports the idea of growing market resilience. TeddyVision notes that while the US spot market pushed the index underwater for extended periods, the premium has since retracted from those negative extremes—and price has stopped responding to downside pressure.

From a big-picture perspective, Bitcoin appears to be in a transitional phase. The ongoing exit of short-term holders is revealing the market’s growing structural strength.

That said, this does not guarantee a reversal or an immediate price rebound. As of press time, Bitcoin is trading at $66,930, showing no significant movement over the past 24 hours.

---