Changes in on-chain Bitcoin signals are worth paying attention to.

The Short-term Holder Supply Ratio(STH Supply Ratio) has just broken above the breakeven point and flipped upward. What does this shift mean? When these holders turn profitable on paper, the panic selling pressure significantly decreases.

What does less selling pressure imply — a tighter lock on supply. The tighter the supply, the easier it is for the market to push prices higher. Changes in on-chain data confirm this shift.

Historically, the timing of this signal often corresponds to a market psychology turning point. When short-term participants shift from losses to profits, the microstructure of the market undergoes subtle but crucial changes. Supply tightness, easing of selling pressure, and relatively stronger buying interest — these factors intertwine, often leading to subsequent price momentum. The current on-chain data precisely reflect that this transition is underway.