“Short-term holders have sent almost $8 billion worth of bitcoin to exchanges at a loss over the past two days. The volatility in recent bitcoin price action has seen wild record swings in profit-taking to panic selling.”, — write: www.coindesk.com
However, the current bitcoin cycle has been rather muted in terms of realized volatility and drawdowns compared to previous ones. The recent drop from nearly $100,000 to almost $90,000, just shy of a 10% correction, has kept investors on their toes.
Over the past two days, Glassnode data shows that short-term holders or those that have held bitcoin for less than 155 days, have sent $7.8 billion or 83,000 BTC to exchanges at a loss over the past two days.
In notional terms, this is the highest number on record. When this cohort tends to send $2 billion or more worth of tokens to exchanges, at a loss, it generally marks a local bottom.
With bitcoin changing hands at 7% away from its all-time high, investors that have bought in the past week are the only entity that would be sitting in a loss.
Glassnode data shows that approximately 678,000 bitcoin are sitting in a loss. This comes after record notional profit-taking as bitcoin approached $100,000.
Total Supply in Loss Held By Short-Term Holders (Glassnode)
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