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

Cointelegraph
Cointelegraph

29 Jun 2023 8:08 AM

Bitcoin speculators are sending coins to exchanges for modest profit as BTC price stalls above $30,000....

  • Short-term holders (STHs) of Bitcoin are feeling the need to sell at $30,000, according to data from Glassnode.
  • Glassnode's research shows a spike in funds being sent to exchanges from STHs, indicating their increasing interest in selling.
  • STHs are more likely to sell during periods of price suppression to limit losses, while profit-taking during price rallies results in lower exchange volumes.
  • Speculative interest in Bitcoin remains fickle and sensitive to price movements.
  • STHs have become an important market force in 2023, with their aggregate cost basis serving as a support level.
  • Once STH profitability reaches 20%, selling typically begins, and any price above $33,000 could lead to a significant shift in hodler composition.
  • Current data shows STH profitability at around 10%, with a realized price above $27,000.

The sentiment in the article is mostly negative, as it highlights the selling pressure from short-term holders and the fickle nature of speculative interest in Bitcoin.

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You May Ask

What is the current sentiment among short-term holders of Bitcoin?At what price level are short-term holders feeling the need to sell their Bitcoin?How do short-term holders behave during periods of price suppression and price rallies?What is the current profitability and realized price of short-term holders' Bitcoin holdings?How does the behavior of short-term holders impact the composition of Bitcoin hodlers?

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