Bitcoin’s latest sell-off was largely driven by short-term investors, with 85.5% of on-chain spending in the past 24 hours coming from wallets holding BTC for a limited time, according to Glassnode data shared by BlockBeats.
Between July 31 and August 1, short-term holders (STHs) moved $18.24 billion worth of BTC, compared to just $3.1 billion from long-term holders (LTHs) — a 14.5% contribution. In total, $21.34 billion in Bitcoin changed hands.
This spending pattern suggests the recent market pullback is being fueled by newer buyers taking profits or cutting losses, rather than long-term investors exiting positions.
Analysts note that LTHs holding steady during corrections has historically been a bullish indicator, often signaling that underlying conviction remains strong despite short-term volatility.
