According to glassnode, the cost basis ribbon for Short-Term Holders indicates that investors who have held Bitcoin (BTC) for over one month are now back in profit. This development reduces sell pressure from older short-term holders and, if sustained, could indicate the beginning of renewed bullish momentum in the BTC market. Traders should monitor this metric, as a continued profit state among STHs historically aligns with upward price trends and reduced likelihood of panic selling. Source: glassnode, May 2, 2025.