Opinion: The Current Bitcoin Sell-Off Is Driven by Short-Term Holders, with Over 85% of On-Chain Spending Coming from New Buyers
BlockBeats News, August 1 — Glassnode reported that in the past 24 hours, the majority of on-chain Bitcoin (BTC) spending came from short-term holders (STH). Short-term holders (STH) accounted for $18.24 billion (85.5%), while long-term holders (LTH) accounted for $3.1 billion (14.5%), with the total spending amounting to $21.34 billion.
This indicates that the current round of selling is mainly driven by recent buyers rather than long-term investors.
Note: Spending refers to the total amount of Bitcoin moved or utilized on the blockchain within a certain period, rather than simply "selling" or "trading volume."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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