On-chain Metrics 1 min read
STH / LTH — Short-Term vs Long-Term Holders
Also known as: STH, LTH, Short-term holders, Long-term holders, 155 day threshold
Coins are split by how long they've been held — under ~155 days (STH) vs longer (LTH). Who spends tells you if flippers or veterans drive the move.
Two groups
| Cohort | Rough meaning |
|---|---|
| STH (short-term) | Coins held under ~155 days — recent entrants, more reactive. |
| LTH (long-term) | Coins held 155 days or more — veterans, often slower to spend. |
What Exum shows
- STH-SOPR / LTH-SOPR — profit vs loss per cohort (see SOPR).
- Who is active matrix — which side is spending more aggressively right now (profit taking, loss selling, quiet, etc.).
Quick reads
- STH selling at a loss, LTH still > 1 → newer hands stress; old supply not panicking yet.
- Both cohorts > 1 → broad profit taking possible.
- STH leading activity → move is driven by recent buyers, not only ancient whales.
Part of Holder behavior.
Frequently asked
Why 155 days?
It's a widely used on-chain convention (roughly one macro season). Exum follows the same split as public BTC series providers.
STH-SOPR below 1 while LTH-SOPR above 1?
Recent buyers may be capitulating while long-term holders still sell at profit — common in corrections. Check the regime and price trend.