Analysis: Short-term Bitcoin holders continue to increase their positions, with the average cost rising to $74,100

CryptoQuant analyst Axel Adler Jr. stated that as of October 4, the number of Bitcoin short-term holders increased by 87,000 to 3.94 million over the past 30 days, remaining above the previous month's level for seven consecutive weeks. This metric has been positive since August 18, indicating that the supply of Bitcoin that has been transferred in the last six months is increasing.

Currently, the average cost for Bitcoin short-term holders is approximately $74,100, with an overall unrealized profit of about 15%, roughly flat compared to a week ago but lower than the peak of 19% on September 22. Meanwhile, the average cost has risen by about $1,000 compared to a week ago, indicating that as Bitcoin prices rise, the entry costs for short-term holders are also increasing. $74,100 is a key level to watch. If Bitcoin falls below this level, short-term holders will overall turn to unrealized losses; if the 30-day holding change also turns negative, it would mean that the position size of this group is beginning to shrink, potentially further weakening the market structure.