Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss
Summary
Bitcoin's recent drawdown led short-term holders to deposit a large volume of coins at a loss on exchanges. These short-term holders, who bought Bitcoin in the past 155 days, are more likely to react to market changes. On-chain data confirms a significant transfer of coins at a loss to exchanges following the price drop. This indicates panic-selling by those who bought at recent highs. The recent deposit of $5.2 billion worth of underwater coins to exchanges suggests quick capitulation from FOMO buyers. Despite the plunge, Bitcoin's price has only recovered to $66,500.
