The selling pressure from bitcoin in the past 24 hours has attracted the attention of many players; who exactly is selling behind the scenes? By sorting through the hourly data from the two major platforms, the inflow of bitcoins from long-term holders (LTH) and short-term holders (STH) may provide some answers.
First, let's look at the situation on Coinbase. The amount of bitcoin inflow from long-term holders is very small, with only 173 bitcoins transferred in around 0:00 on July 15, Beijing time, with negligible amounts during other periods.
(Figure 1)
However, the inflow volume from short-term holders is significantly different. During the period from 21:00 on July 14 to 3:00 on July 15, a concentrated inflow phenomenon occurred. The largest single inflow happened at 0:00 on July 15, reaching 5523 bitcoins, with a total inflow of about 15800 bitcoins over the entire period, indicating a significant scale.
(Figure 2)
Now let’s look at the data from BN. The inflow from long-term holders is also limited, with the largest inflow occurring around 13:00 on July 14, amounting to 159 bitcoins, while the inflow during other periods is sparse.
(Figure 3)
Short-term holders present a different picture: on July 14 at 16:00, there was an inflow of 2397 bitcoins.
(Figure 4)
The most concentrated inflow occurred between 10:00 and 16:00 on July 15, with each of the four-hour segments seeing around 1000-2000 bitcoins transferred in, totaling about 7400 bitcoins.
Overall, the main force behind the bitcoin sell-off in the past 24 hours is clearly short-term holders, while the inflow of bitcoins from long-term holders to the platform is minimal. From the perspective of time and platform distribution, the main selling pressure during the early hours comes from Coinbase, while the largest selling pressure during the day shifts to BN. In terms of overall scale, Coinbase has faced greater selling pressure in the past 24 hours.
