The producer price index report released on Thursday, the 10th of September, showed that the cost of goods and services rose 0.4% for the month, in line with expectations.
On an annual basis, the PPI was at 5.4%, 0.1% higher than expected and still well above the Fed’s target of 2% inflation target.
It was reported that stock market futures were negative as a result, and this bearish sentiment transferred to the crypto markets too. Bitcoin [BTC] witnessed a 2.2% decline for the day, falling to a low of $76,464 before bouncing to $77,249 at the time of writing.
This retreat was mirrored across the crypto sphere, sparking $363 million in long liquidations on Thursday. Bitcoin remains on the bullish side of the $76k support, but for how much longer?
Short-term holder net position change about to shift bullishly
In a post on X, founder and CEO of Alphractal, Joao Wedson, showed that the Bitcoin short-term holder net position change was getting close to turning positive.
A negative net position change indicates distribution trends. This has been the case for most of 2026. A change towards net accumulation from STHs does not guarantee strong price appreciation.
The intensity and duration of the accumulation period tend to dictate the positive impact on BTC prices. It will signal a bullish sentiment shift, and capital flows into crypto.
Here’s what will signal sustained bullish BTC trends
Measured from the 19th of August to the 10th of September, short-term holders moved 549.3k BTC into exchanges.
During this period, the leading crypto appreciated by 21%. The exchange inflows didn’t dent price trends by much, and we do not know how much of the 549.3k BTC was sold, either.
The Bitcoin short-term holder Spent Output Profit Ratio was above 1 during this period. It meant that this cohort was realizing profits on average.
The SOPR reading was still 1.01, below the peak of 1.045 but still in profit territory.
Despite the large inflow of coins to exchanges, BTC has been able to stay above $76k support. To keep the uptrend of the past month alive, SOPR readings need to remain positive and recover back above the $82k local peak.
The CPI report is due on Friday, the 11th of March. A week later, the FOMC decision regarding interest rates is expected to shake the crypto markets.
Final Summary
- Bitcoin short-term holders have moved 549.3k BTC into exchanges in the past three weeks.
- STHs remained profitable, and a bullish shift in net position change suggested accumulation trends could be taking shape.