Bitcoin Short-Term Holders Were Behind The Selloff To Below dollar36k
Categories: Bitcoin US
Bitcoin Investors Holding Coins Aged Between 1 Day And 6 Months Sold Big Yesterday As pointed out by an analyst in a CryptoQuant post, short-term holders seem to have sold the heaviest during the recent selloff.The relevant indicator here is the “exchange inflow,” which measures the total amount of coins moving into exchange wallets.A modification of this metric is the “exchange inflow spent output age bands.” it tells us how much the different Bitcoin holder groups are contributing to the inflow. The various groups are divided based on how many days the investors held their coins before transferring them to the exchange.The 1-day to 6-month coin age group is generally considered the “short-term holders” (STH). This cohort is usually the likeliest to sell their coins.As you can see in the above graph, the 1-day to 6-month coin age group sent a large amount of coins just yesterday.The inflow spike amounted to more than 60k coins being transferred by this group. Investors usually send their Bitcoin to exchanges for selling purposes, hence these coins took part in the selloff that has now taken the price below $36k. The 6-month to 18-month group, on the other hand, doesn’t seem to have moved too many coins over the past day.The older Bitcoin LTH groups have also not shown much activity recently. The below chart shows the trend in their inflows. BTC Price At the time of writing, Bitcoin’s price floats around $35.8k, down 8% in the last seven days. Over the past month, the crypto has lost 21% in value.