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Will Bitcoin Drop to $110K? Short-Term Holders Dump 22K $BTC at a Loss

Bitcoin (BTC) has slipped below $116K, down 7.6% from its recent all-time high of $124.5K, as market jitters ahead of Jerome Powell’s Jackson Hole speech spark caution. Onchain data from CryptoQuant reveals short-term holders (STHs) sold 20,000+ BTC at a loss since Sunday, with 23,520 BTC moved to exchanges by Tuesday, coinciding with a 3.5% price drop to $114.4K (Glassnode).

STHs, holding BTC for less than 155 days, dominate this sell-off, while long-term holders (LTHs) account for just 10% of exchange inflows. CryptoQuant’s Kripto Mevsimi notes this mirrors January’s correction, with STH-SOPR dipping below 1, signaling losses. Historically, this can either prelude deeper corrections or act as a “healthy reset” for rallies if absorbed quickly.

Bears face a tough battle to push BTC below the $100K–$110K support zone, intact since May 8, per Swissblock. Analyst AlphaBTC eyes a potential drop to $110K–$112K if $114.7K fails. Polymarket odds favor $114K (73%), with $110K at 18%.