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Long-term Bitcoin (BTC) holders sold $10 billion in May
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Long-term Bitcoin holders appear to be losing faith in BTC
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According to a report, long-term Bitcoin (BTC) holders sold about $10 billion worth of BTC in May 2024 data from blockchain analytics firm IntoTheBlock. This massive sell-off, amounting to around 160,000 BTC, marks a notable trend in long-term investor behavior.
This BTC sell-off shows a substantial shift in market dynamics. Historically, long-term holders are known for their tendency to hold onto their assets during market fluctuations, contributing to the overall stability of the BTC price. The decision by these holders to liquidate such a significant portion of their holdings indicates a change of feeling.
However, June saw a slowdown in the sell-off, with long-term holders dumping an additional 40,000 BTC. While this is significantly lower than the volume sold in May, it still shows a continued trend of liquidation among long-term investors.
Market Impact and Price Movement
The cumulative effect of these sales contributed to the overall bearish sentiment in the market. It had a pronounced impact on the price of Bitcoin. Over the past 30 days, Bitcoin’s price has fallen 10.03%, reflecting the market’s reaction to increased selling pressure. As of now, Bitcoin is trade at $61,343, a notable drop from previous levels.
Several factors could influence long-term holders to liquidate their BTC. Given the substantial appreciation of Bitcoin in recent years, long-term holders could capitalize on their gains. Many of these investors have acquired BTC significantly lower pricesand current levels offer an attractive opportunity to make profits.
Broader economic trends, such as interest rate changes, inflation concerns, and geopolitical events, can also impact investor behavior. Long-term holders may reallocate their portfolios in response to these macroeconomic changes. However, the sustained sell-off by long-term holders raises questions about the future trajectory of Bitcoin’s price.
About the author
Mushumir ass
With over three years of immersive experience in the cryptocurrency industry, Mushumir is a seasoned crypto writer committed to unraveling the intricacies of blockchain technology and decentralized finance. From analyzing the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insights and communication flair to the cryptocurrency space. Having written countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and newcomers to the cryptocurrency industry.