Bitcoin: Short-term holders cash in
November 9, 2023
By Abiodun Oladokun
BTC short-term holders have started selling their holdings for profit.
Miners on the Bitcoin network continued to hold onto their coins
As Bitcoin [BTC] continued to consolidate within a narrow price range, an analysis of the leading coin’s exchange activity showed a rise in inflows from short-term holders.
This suggested that BTC holders who have held for less than six months have begun cashing in on recent gains, contributing to the current price stagnation at $35,000.
In a recent report, pseudonymous CryptoQuant analyst Crazzyblockk noted:
“The selling pressure from these categories may be the primary reason for the recent price volatility and the decrease in Bitcoin’s price.”
The whales, on the other hand, have adopted a different approach. Notorious for their resilience through different price cycles, the recent price rally has been no different.
As per AMBCrypto’s data obtained from CryptoQuant, BTC’s Exchange Whale Ratio (EWR) observed on a seven-day moving average has trended downward since 5 October.
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