Analyst: Bitcoin price falls below short-term holder cost basis, with the gap being the narrowest since July 21

CryptoQuant analyst Axel Adler Jr. stated on the X platform that Bitcoin is currently trading below the short-term holder (STH) cost basis, which refers to the average purchase price of Bitcoin held for less than 155 days. As of August 8, 2026, Bitcoin is trading at $64,952, while the short-term holder realized price stands at $67,523. The spot price is 3.8% below this level, with a gap of $2,571—the narrowest since July 21. Over the past 284 days, Bitcoin has closed below the STH realized price on 279 days. This time may be no exception, as short-term holders are likely to begin selling into the market to exit at the breakeven point.