On Thursday, short-term holders sent over $2 billion worth of bitcoin to exchanges at a loss, the highest since the yen carry trade unwind on Aug. 5. Panic selling occurred as BTC fell below $70,000 after a brief surge close to its all-time high. This behavior, indicative of short-term holders, highlights how market fluctuations can lead to significant shifts in trading patterns, especially as risk appetite diminishes amid broader market turmoil, including a significant drop in tech stocks.
The recent sell-off saw short-term holders send 54,000 BTC to exchanges, the largest volume since March 27. Amidst the action, 22,000 BTC was sent at a profit. It's noteworthy that investors often engage in panic selling when prices decline sharply, indicating how sentiment can rapidly shift, particularly when combined with external factors such as upcoming elections and declining stock markets. The interplay between different markets often drives the urgency in crypto trading.
Collection
[
|
...
]