2024

Bitcoin

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Long-term Bitcoin (BTC) holders have sold off approximately $10 billion worth of BTC in May 2024, according to&nbsp;<a href="https://x.com/intotheblock/status/1806661376271643092" rel="noopener noreferrer nofollow">data</a> from blockchain analytics firm IntoTheBlock. This massive sell-off, which amounts to around 160,000 BTC, marks a notable trend in the behavior of long-term investors.
This sale of BTC shows a substantial shift in market dynamics. Historically, long-term holders are known for their tendency to retain their assets through 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&nbsp;<a href="https://u.today/bitcoin-btc-price-might-retest-66000-if-this-adam-and-eve-pattern-validates" rel="noopener noreferrer nofollow">change in sentiment</a>.
However, June has seen a deceleration in the sell-off, with long-term holders offloading an additional 40,000 BTC. Although this is significantly less than the volume sold in May, it still shows a continued trend of liquidation among long-term investors.
<blockquote>
 Long-term BTC holders have been reducing their holdings throughout 2024. May saw a significant drop with 160k BTC (~$10B) sold. The selling slowed down somewhat in June, with 40k <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> Leaving long-term holders' wallets <a href="https://t.co/POtniNrU4p" rel="noopener noreferrer nofollow">pic.twitter.com/POtniNrU4p</a>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1806661376271643092?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 28, 2024</a>
</blockquote>
<h2 dir="ltr" id="market-impact-and-price-movement">Market impact and price movement</h2>
The cumulative effect of these sales has contributed to the overall bearish sentiment on the market. It has had a pronounced impact on Bitcoin's price. Over the past 30 days, Bitcoin's price has slumped by 10.03%, reflecting the market's reaction to the increased selling pressure. As of now, Bitcoin is&nbsp;<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">trading</a> at $61,343, a noticeable decline from its previous levels.
Several factors could be influencing long-term holders to liquidate their BTC. Given Bitcoin's substantial appreciation over the past few years, long-term holders might be capitalizing on their gains. Many of these investors acquired BTC at significantly&nbsp;<a href="https://u.today/key-reason-behind-bitcoin-btc-drop-revealed" rel="noopener noreferrer nofollow">lower prices</a>, and the current levels offer an attractive opportunity to realize profits.
Broader economic trends, such as interest rate changes, inflation concerns and geopolitical events, can also impact investor behavior. Long-term holders might be reallocating their portfolios in response to these macroeconomic shifts. However, the sustained sell-off by long-term holders raises questions about the future trajectory of the Bitcoin price.

Long-Term Bitcoin (BTC) Holders Sell off $10 Billion in May

Innehållsförteckning

U_Today

Andra artiklar publicerade 28 juni 2024

GSR Markets Predicts Significant Increase in Solana Price Following ETF Approval

New Solana Memecoin Degen Black Pepe Will Surge Over 17,000% in Two Days

Crypto: The Altcoin Season May Be About to Start!

Investors Rush to MoonBag Coin Following Presale Success, Interest in Pepe Coin and Arweave Wanes

US PCE Inflation Fell To 2.6%, Bitcoin Remains Unfazed In Market

NEAR Protocol and Dogwifhat Losses Propel Investors to MoonBag, the Top Crypto Presale in 2024, O...

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!