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