Bitcoin on-chain signals showing changes are worth paying attention to.

Short-term holder supply ratio (STH Supply Ratio) has just broken above the breakeven point and reversed upwards. What does this shift mean? When these holders move into profit on their books, the panic selling pressure significantly decreases.

What does less selling pressure imply — the supply side is locked in more tightly. The tighter the supply, the easier it is for the market to push prices higher. On-chain data changes confirm this shift.

From historical patterns, the moment this signal appears often corresponds to a turning point in market psychology. When short-term participants shift from loss to profit, the microstructure of the market undergoes subtle but crucial changes. Tightening supply, easing selling pressure, and relatively stronger buying interest — these factors intertwine, often leading to subsequent price momentum. The current on-chain data precisely reflects that this transition is unfolding.