Bitcoin speculators send 35,000 BTC to exchanges in new 'influx of elation'
Short-term bitcoin holders are watching closely for potential BTC selling opportunities, even though their average profits are only a modest $10 %.
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Short-term Bitcoin (BTC) holders feel the need to sell BTC at $30,000, data shows.
In a study published on June 28, on-chain analytics firm Glassnode reported that tens of thousands of coins were being sent to exchanges.
Speculative Bitcoin Exchange Moves “Intensify”BTC price freeze at $30,000 has buyers rethinking who made profits this month.
In particular, short-term holders (STH) - those entities that hold funds for 155 days or less - are increasingly becoming eager sellers.
Monitoring inflows into exchange wallets, Glassnode revealed a sharp increase in funds being set up for trade from STHs, which align with Bitcoin's more speculative investor cohorts.
“The recent elation in Bitcoin price action has led to an increase in short-term holder interaction with exchanges,” he commented.
“Currently, STH exchange inflows are ramping up, with a significant 1.28% (+35.4K BTC) of STH supply sent to exchanges.”
An attached chart distinguishes between current entries and those seen during the 2022 bear market.
STHs, it shows, are more inclined to sell en masse during periods of BTC price suppression to limit losses. Profit taking, on the other hand – as seen now and in March when BTC/USD first returned to the $30,000 mark – led to an overall decline in trading volumes. /p>
Bitcoins percentage of short-term holder (STH) balance sent to exchanges annotated table. Source: Glassnode/Twitter
The numbers indicate that speculative interest in Bitcoin remains volatile and highly susceptible to even smaller price movements.
Related:
Short-term bitcoin holders are watching closely for potential BTC selling opportunities, even though their average profits are only a modest $10 %.
Market news
Join us on social networks
Short-term Bitcoin (BTC) holders feel the need to sell BTC at $30,000, data shows.
In a study published on June 28, on-chain analytics firm Glassnode reported that tens of thousands of coins were being sent to exchanges.
Speculative Bitcoin Exchange Moves “Intensify”BTC price freeze at $30,000 has buyers rethinking who made profits this month.
In particular, short-term holders (STH) - those entities that hold funds for 155 days or less - are increasingly becoming eager sellers.
Monitoring inflows into exchange wallets, Glassnode revealed a sharp increase in funds being set up for trade from STHs, which align with Bitcoin's more speculative investor cohorts.
“The recent elation in Bitcoin price action has led to an increase in short-term holder interaction with exchanges,” he commented.
“Currently, STH exchange inflows are ramping up, with a significant 1.28% (+35.4K BTC) of STH supply sent to exchanges.”
An attached chart distinguishes between current entries and those seen during the 2022 bear market.
STHs, it shows, are more inclined to sell en masse during periods of BTC price suppression to limit losses. Profit taking, on the other hand – as seen now and in March when BTC/USD first returned to the $30,000 mark – led to an overall decline in trading volumes. /p>
Bitcoins percentage of short-term holder (STH) balance sent to exchanges annotated table. Source: Glassnode/Twitter
The numbers indicate that speculative interest in Bitcoin remains volatile and highly susceptible to even smaller price movements.
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