Bitcoin Short-Term Holders Panic Sell $2.6 Billion Worth of Coins
According to analyst James V. Straten, Bitcoin short-term holders have shown signs of panic selling during the recent drop in the cryptocurrencyโs price. Short-term holders refer to BTC investors who bought their coins within the past 155 days, while long-term holders are those who have held onto their coins for a longer period of time.
- Short-term holders tend to sell quickly in response to market fluctuations, while long-term holders are more resilient and only sell at specific points.
- Transfer volume sent to exchanges can be used to track whether these groups are selling.
Panic Selling by Short-Term Holders
On-chain data reveals that Bitcoin short-term holders have panic sold approximately $2.6 billion worth of coins following the new all-time high. These sellers are likely individuals who bought into the rally but were unable to withstand the subsequent sharp crash.
Selling by Long-Term Holders
In addition to short-term holders, long-term holders have also participated in some selling. However, unlike short-term holders, these long-term HODLers have made profits from their sales.
Exchange Transfer Volume for Long-Term Holders
A chart depicting the exchange transfer volume for long-term holders shows that they have engaged in their largest profit-taking event since July 2021. These long-term HODLers have transferred tokens worth $1.5 billion to exchanges.
BTC Price Update
Currently, Bitcoin is trading around $65,800, reflecting an 8% increase in the past week.
Bitcoin Price Chart
A chart displaying the recent price movement of Bitcoin can be seen below:
[Insert Bitcoin Price Chart Image]Hot Take: Bitcoin Holders React to Market Volatility
Recent market volatility has caused both short-term and long-term holders of Bitcoin to react differently.
- Short-term holders have panic sold a significant amount of their coins, resulting in a loss of approximately $2.6 billion.
- Long-term holders, on the other hand, have taken advantage of the price fluctuations and made profits from their sales.
Despite the volatility, Bitcoinโs price has shown resilience and is currently trading at around $65,800. It remains to be seen how holders will respond to future market movements.
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