The latest rally of Bitcoin has whisked three-quarters of its short-term holders back into profitability. This upbeat momentum, as highlighted in a July 24 report by Glassnode, has been an important turn of events: "This rally has now broken back above the STH cost basis and returned 75% of their held supply to an unrealized profit." Before that, over 90% of the short-term holders were underwater at the end of July.