Bitcoin (BTC) Investor Cohort Unloads Billions of Dollars Worth of Coins in a Matter of Weeks: Analyst
- PHPzOriginal
- 2024-09-04 21:14:11787browse
The trader Ali Martinez tells his 70,100 followers on the social media platform X that short-term holders (STHs) have offloaded 642,366 BTC
A cohort of short-term Bitcoin (BTC) investors has offloaded tens of billions of dollars in BTC over a matter of weeks, according to one popular crypto analyst.
The trader, Ali Martinez, tells his 70,100 followers on the social media platform X that short-term holders (STHs) have sold off 642,366 BTC, valued at $36.434 billion, since mid-August.
“While many aspire to be diamond hands and HODL, short-term holders actually have a big impact on Bitcoin’s price. When they buy, BTC typically rises, but when they sell, the market feels the pain.”
However, the pseudonymous on-chain analyst known as Checkmate argues that those coins are simply maturing into long-term status rather than being sold off by the cohort. Short-term holders are typically defined as entities that have held their coins for less than 155 days.
Martinez also notes that Bitcoin miners sold 2,655 BTC, valued at around $150 million, over the weekend.
On a more positive note, Martinez highlights a spike in the Bitcoin Taker Buy/Sell Ratio on the crypto exchange HTX.
“This indicates a surge in aggressive buying – a sign of upward momentum ahead!”
According to the digital assets analytics firm CryptoQuant, the Bitcoin Taker Buy/Sell Ratio is “the ratio of buy volume divided by sell volume of takers in perpetual swap trades.”
At time of writing, Bitcoin is trading at $56,676, down nearly 4.50% in the past day.
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