The post Bitcoin Panic Selling Surges: Short-Term Holders Transfer $2.3 Billion Amid Market Decline appeared on BitcoinEthereumNews.com.

COINOTAG reported on November 1 that short-term Bitcoin holders transferred approximately $2.3 billion worth of the cryptocurrency to trading platforms, marking a significant spike since the completion of the yen carry trade on August 5. According to analysts, the recent downturn in Bitcoin’s price prompted a wave of panic selling among these short-term investors, making it the most severe sell-off observed since the aforementioned date. Typically, short-term holders—defined as those who hold Bitcoin for less than 155 days—are more inclined to sell during price declines and buy during market exuberance. On Thursday alone, over 54,000 BTC were moved to exchanges, the highest volume recorded since March 27. Notably, within the last three days, short-term holders have shifted more than $6 billion in Bitcoin to cash in on profits as the month draws to a close. Source: https://en.coinotag.com/breakingnews/bitcoin-panic-selling-surges-short-term-holders-transfer-2-3-billion-amid-market-decline/

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Filed under: News - @ November 1, 2024 12:21 pm