Glossary

Short-term holder (STH)

A short-term holder (STH) is an investor whose coins moved on-chain within the last 155 days, in the definition used by NinjaTools.

A short-term holder (STH) is an investor whose coins have moved on the blockchain within the last 155 days. NinjaTools uses this 155-day window for all its holder charts. Other providers may use a different window, so check it before you compare sources.

The label belongs to the coin, not to a person. After 155 days without movement, a coin moves from the short-term group to the long-term group. A fall in STH supply can therefore mean that coins aged into the long-term group, not that holders sold.

Analysts study this group because its members bought recently, and their cost basis is close to the current price. Useful measures are STH supply, STH cost basis, STH SOPR and STH MVRV. Each one describes the profit or loss of recent buyers. None of them forecasts price.