Short-term Bitcoin holders reportedly saw profitable conditions on 229 out of 345 trading days in 2025, even as BTC remained below its yearly open and struggled to stay above $100,000. Onchain metrics highlight the STH realized price near $81,000 and shifts in unrealized losses as key drivers of sentiment during multiple profit and loss phases. Analysts are watching whether the current rebound toward $92,500 and fading capitulation can support another expansion phase into 2026.