Bitcoin is holding above $83,500, and while price remains volatile within a defined range, the on-chain data continues to tell a more grounded story. Some continue to interpret every red candle as a signal of exhaustion. However, the Short-Term Holder (STH) Supply metrics suggest the opposite — the build-up phase is not only intact, but evolving.

The market structure is showing steady growth in conviction, not signs of panic or blow-off conditions.