The last two cycles saw short-term holder supply peak shortly after the Bitcoin cycle top, driven by late-stage euphoria and excitement. Right now, Bitcoin is just 4% away from its all-time high, but short-term holder supply remains muted at 4.3M BTC. Here’s how it compares: -Down 1.2M BTC from the local top in March '25 -Down 700K BTC from the local top in May '24 -Down 2.3M BTC from the peak in '21 -Down 3.7M BTC from the peak in '17 No signs of euphoria. No flood of new entrants. Price is near the all-time high and things are still quiet.(On-Chain College)