📉 85.5 % SHARES OF BITCOIN DROPPED
BY SHORT-TERM SELLERS IN LAST 24 hrs
🩸The $BTC Price Drops. Here's Who Really Hit the Panic Button.
🧐According to recent data from Glassnode, the latest Bitcoin market correction was largely driven by short-term investors. A staggering 85.5% of on-chain selling in the past 24 hours came from wallets that had held their #bitcoin for a limited time.
Between July 31 and August 1, these short-term holders (STHs) moved a massive $18.24 billion worth of Bitcoin. In contrast, long-term holders (LTHs) contributed just 14.5% of the selling, moving only $3.1 billion. This led to a total of $21.34 billion in Bitcoin changing hands.
This spending behavior suggests that the recent market dip is not a sign of a wider loss of confidence among seasoned investors. Instead, it seems to be newer buyers either taking profits or cutting their losses.
Analysts see this as a potentially bullish sign. Historically, when long-term holders remain steadfast during a correction, it indicates that strong underlying conviction in Bitcoin's future remains, despite short-term market volatility.