Glassnode: BTC Short-Term Holder Profit Share Falls to 38%, $87K Short Liquidations Build

The collapse in short-term holder profitability from near-universal gains to roughly a third is the clearest signal yet that the recent rally was carried by late, leveraged entrants who are now underwater — a classic setup for either capitulation or a painful grind sideways. The $87,000 short liquidation cluster cuts both ways: it can act as a magnet if price grinds higher, but it also flags where a squeeze could force short covering and distort price discovery. The real test is whether spot holds the August breakout zone; a decisive loss there would put the True Market Mean and short-term holder cost basis in play as the market's next reference points.