Bitcoin Sell-Off Driven by Short-Term Holders: Glassnode
According to data from Glassnode shared by BlockBeats, short-term holders (STHs) accounted for 85.5% of Bitcoin's on-chain spending in the past 24 hours. Between July 31 and August 1, STHs moved $18.24 billion in BTC, while long-term holders (LTHs) contributed just $3.1 billion — only 14.5% of total activity. This $21.34 billion shift suggests the sell-off is mainly driven by recent buyers taking profits or cutting losses. Analysts highlight that LTHs remaining steady during such corrections is historically bullish, indicating strong underlying conviction despite short-term market turbulence.
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