Bitcoin

<h2 id="quick-take">Quick Take</h2> 
<p>The recent news about <a href="https://cryptoslate.com/binances-new-chapter-begins-with-hefty-fines-and-compliance-commitments/">CZ and Binance</a> triggered significant sell pressure on Bitcoin, marking a distinctive shift in the behavior of long-term and short-term Bitcoin holders.</p> 
<p>Long-term holders who have held Bitcoin for over 155 days sold approximately $100 million worth of Bitcoin to exchanges. This sale ranked among this cohort’s top 10 largest amounts offloaded this year and was primarily driven by profit-taking.</p> 
<figure id="attachment_375946" aria-describedby="caption-attachment-375946" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-375946 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/pr.png" alt="Long Term Holder to exchanges: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/pr.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/pr-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/pr-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/pr-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/pr-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-375946" class="wp-caption-text">
  Long Term Holder to exchanges: (Source: Glassnode)
 </figcaption>
</figure> 
<p>In contrast, short-term holders, those holding for less than 155 days, demonstrated an even more pronounced reaction to the news. They sold about $1.5 billion to exchanges, marking the fifth largest amount sold by this group this year. Remarkably, approximately $900 million of this amount was pure profit.</p> 
<figure id="attachment_375947" aria-describedby="caption-attachment-375947" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-375947" class="wp-caption-text">
  Short Term Holder to exchanges: (Source: Glassnode)
 </figcaption>
</figure> 
<p>The post <a href="https://cryptoslate.com/insights/market-reacts-to-binance-news-as-short-term-bitcoin-holders-cash-out/">Market reacts to Binance news as short-term Bitcoin holders cash out</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

Market reacts to Binance news as short-term Bitcoin holders cash out

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