Short-term holders trigger Bitcoin’s largest sell-off in 18 months with $2B transferred to exchanges

Quick Take

The Bitcoin market recently experienced an unprecedented sell-off from short-term holders, defined as investors who have held the digital asset for under 155 days. In the last 18 months, we witnessed the most significant sell-off from short-term holders.

Approximately $2 billion in Bitcoin was transferred to exchanges, which could potentially imply liquidation, though it’s not a direct indication of sale. This movement bifurcated into two segments: $1.1B was transferred at a loss, while $900M was sent during a profitable period.

Short Term Holder to Exchanges: (Source: Glassnode)
Short Term Holder to Exchanges: (Source: Glassnode)

These market activities coincided with a substantial dip in Bitcoin’s value, at one point plummeting to a low of $40,000 and incurring a 7.5% drop. This marked the third most significant one-time depreciation, -5.8% for Bitcoin in 2023, the previous lows recorded in March (-6.2%) and August (-7.2%).

Bitcoin Daily Price Performance: Source: (Glassnode)
Bitcoin Daily Price Performance: Source: (Glassnode)

The post Short-term holders trigger Bitcoin’s largest sell-off in 18 months with $2B transferred to exchanges appeared first on CryptoSlate.

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