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COINTURK NEWS > Bitcoin (BTC) > Bitcoin May Witness Short-Term Price Correction as Long-Term Holders Move Tokens to Short-Term Holders
Bitcoin (BTC)

Bitcoin May Witness Short-Term Price Correction as Long-Term Holders Move Tokens to Short-Term Holders

In Brief

  • Bitcoin's on-chain data indicates a potential price adjustment.

  • Long-term holders have been transferring BTC to exchanges.

  • Short-term holders might be gaining from long-term investors.

COINTURK NEWS
COINTURK NEWS 1 year ago
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On-chain data showed that tokens from long-term holders (LTH) are moving towards short-term holders (STH), suggesting that the leading cryptocurrency Bitcoin (BTC) could witness a short-term price correction.

Contents
Expert Opinion on BTCExchange Inflows in Bitcoin

Expert Opinion on BTC

CryptoQuant analyst Yosei Dent assessed BTC’s exchange activity in a new statement and claimed that there was an increase in the amount of BTC held for a long time transferred to exchanges when it crossed the $51,000 price threshold on February 14th, saying:

When BTC crossed the $51,000 mark on the 14th of the month, 5,153 BTC from the 6-12 month age range were transferred to exchanges.

Expert Dent noted that BTC holders in this investor group bought their cryptocurrencies during the bull market run that started in October 2023, which led to the cryptocurrency closing the trading year at several months’ high of $42,000. Additionally, on the same day, the exchange entry volume of cryptocurrency holders who had held their BTC for 3 to 5 years briefly rose to 2,123 BTC. According to Dent, most of these investors bought their cryptocurrencies during the bull run from 2019 to 2021. Therefore, the recent increase in exchange entry volume could indicate that they have realized profits. Dent stated:

Considering that the BTC price was at $48,000 on February 14, 2021, it appears that some investors from the 3-5 year group may have exited the market at their break-even point.

Exchange Inflows in Bitcoin

The leading cryptocurrency, Bitcoin, seeing an increase in exchange inflows from these investor groups, could indicate that cryptocurrencies are moving from LTHs to STHs. However, Dent commented on the matter:

However, when compared to LTH exchange entries in previous cycles, this scale is relatively small.

According to data obtained from the 21milyon.com website at the time the article was written, BTC was at $51,245. On the other hand, 5% of the current holders, consisting of 2 million addresses holding their BTC at a loss, are in the red.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 24 February, 2024 - 4:04 am 24 February, 2024 - 4:04 am
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