Bitcoin Short-Term Holders Were Behind The Selloff To Below $36k
06 Maio 2022 - 4:00PM
NEWSBTC
On-chain data shows Bitcoin short-term holders seem to have been
behind the latest selloff that has taken the price of the crypto
below $36k. Bitcoin Investors Holding Coins Aged Between 1 Day And
6 Months Sold Big Yesterday As pointed out by an analyst in a
CryptoQuant post, short-term holders seem to have sold the heaviest
during the recent selloff. The relevant indicator here is the
“exchange inflow,” which measures the total amount of coins moving
into exchange wallets. A modification of this metric is the
“exchange inflow spent output age bands.” it tells us how much the
different Bitcoin holder groups are contributing to the inflow. The
various groups are divided based on how many days the investors
held their coins before transferring them to the exchange. The
1-day to 6-month coin age group is generally considered the
“short-term holders” (STH). This cohort is usually the likeliest to
sell their coins. All investors holding their Bitcoin for longer
periods of time are the “long-term holders” (LTH). Now, here is a
chart that shows the trend in the below 6-month and between 6 to
18-month age group inflows over the last few months: Looks like STH
inflows spiked up recently | Source: CryptoQuant As you can see in
the above graph, the 1-day to 6-month coin age group sent a large
amount of coins just yesterday. The inflow spike amounted to more
than 60k coins being transferred by this group. Investors usually
send their Bitcoin to exchanges for selling purposes, hence these
coins took part in the selloff that has now taken the price below
$36k. Related Reading | One Coin, Two Trades: Why Bitcoin
Futures And Spot Signals Don’t Match Up The 6-month to 18-month
group, on the other hand, doesn’t seem to have moved too many coins
over the past day. The older Bitcoin LTH groups have also not shown
much activity recently. The below chart shows the trend in their
inflows. The 1.5-year to 3-year cohort only looks to have sold
around 500 BTC yesterday | Source: CryptoQuant From these trends,
it seems like the only investors that took part in the selling
yesterday were the short-term holders, who are generally the more
fickle ones. The long-term holders still look to be holding strong.
Related Reading | Bitcoin Long Squeeze Incoming? Funding Rates
Surge Up BTC Price At the time of writing, Bitcoin’s price floats
around $35.8k, down 8% in the last seven days. Over the past month,
the crypto has lost 21% in value. The below chart shows the trend
in the price of the coin over the last five days. The price of
Bitcoin seems to have plummeted down over the past day | Source:
BTCUSD on TradingView Featured image from Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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