Bitcoin Ownership Patterns Shift Amid Price Correction
Bitcoin is trading at $76,899, down 3.7% in 24 hours and 29.4% from its all-time high of over $109,000 in January. The asset has struggled to regain momentum after falling below $80,000, reflecting ongoing selling pressure. On-chain data indicates a shift in Bitcoin ownership, with significant changes between short-term holders (STH) and long-term holders (LTH). STHs experienced a $10 billion drop in realized cap, their largest single-day loss, while LTHs saw a $9.7 billion increase in realized cap, indicating a transfer of coins to more experienced holders. By April 8, STH losses decreased to $693 million, suggesting reduced panic selling, while LTHs continued accumulating. This behavior may signal a transition from weaker to stronger hands, potentially impacting Bitcoin's market structure. The divergence between STH and LTH actions could lead to reduced short-term sell pressure and increased long-term confidence, historically associated with market stabilization or recovery.
