Bitcoin Hits $94,000 as Key STH Profit/Loss Ratio Signals 'Definitive' Bottom

Bitcoin has kicked off 2026 with a bang, surging over 7% since the year began. Trading near $93,430, the world's leading digital asset is shaking off the late November dip, and on-chain metrics suggest this is just the beginning of a sustained upside phase.

The Bitcoin STH Profit/Loss Ratio and Market Bottoms

Data from Glassnode reveals that when BTC plunged to $80,000 on November 24, 2025, the ratio between short-term holder (STH) supply in profit and supply in loss plummeted to 0.013. Historically, every time this metric has hit such an extreme low, it has marked either a local bottom or the end of a bear cycle, similar to patterns seen in 2011, 2018, and 2022.

During that November trough, STH supply in loss surged to 2.45 million BTC, the highest level of investor pain since the FTX collapse. Since then, the ratio has recovered to approximately 0.45. Analysts point out that major tops typically don't occur until this ratio expands toward 100, meaning there's massive room for growth before the market reaches an equilibrium.

Wider Market Momentum: BNB and KuCoin

The optimism isn't limited to Bitcoin. BNB recently broke the $910 resistance level, fueled by anticipation for the January 14 Fermi hard fork. Meanwhile, KuCoin reported a record $1.25 trillion in trading volume for 2025, signaling that institutional and retail engagement remains at an all-time high as we move deeper into 2026.