Bitcoin's Drop on Thursday Spurred Panic Sales Among Short-Term Holders: Van Straten
Summary
Short-term bitcoin holders sent approximately $2.3 billion, or 32,000 BTC, to exchanges at a loss as the price fell below $70,000. This panic selling is the highest since August 5. Short-term holders, those holding for less than 155 days, typically sell during price drops and buy during market euphoria. On Thursday, a total of 54,000 BTC was sent to exchanges, the most since March 27. The drop in bitcoin's price, about 6% below its record, coincides with a $1 trillion U.S. stock market wipeout and the upcoming U.S. presidential election. Bitcoin rose 11% last month, with significant profit-taking observed.
