Bitcoin's short-term holders (STHs), typically those holding BTC for less than 155 days, have transitioned from selling at a loss to realizing profits. This shift in market behavior is often seen in the later stages of a price rally, suggesting potential local trend exhaustion. Recent on-chain data indicates a spike in STH profitability, as those who purchased during recent market highs are now selling at gains. The current trend is driven by late entrants who bought Bitcoin during previous rallies and are now taking advantage of price recoveries to exit with profits. While this activity isn't inherently bearish, it can act as a headwind for further upward movement if buying pressure diminishes. This behavior is a typical part of crypto cycles, indicating a possible consolidation phase rather than an immediate continuation of the bull trend.