Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’

FXstreet
FXstreet

29 Jun 2023 9:21 AM

Bitcoin( BTC $30,431) short-term holders are feeling the need to sell BTC at $30,000, data shows. In research released on June 28, on-chain analytics ...

  • Short-term holders (STHs) of Bitcoin are increasingly selling their BTC at the $30,000 price level.
  • Glassnode, an on-chain analytics firm, has observed a spike in BTC being sent to exchanges by STHs.
  • STHs are more likely to sell during periods of price suppression to limit losses, while profit-taking has resulted in lower exchange volumes.
  • Speculative interest in Bitcoin remains sensitive to price movements, and STHs have become an important market force.
  • Historical data suggests that once STH profitability reaches 20%, selling begins, and a significant shift in hodler composition could occur if BTC surpasses $33,000.

The sentiment of the article is neutral to slightly negative. It highlights the selling pressure from short-term holders but also acknowledges their importance in the market.

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