Bitcoin has faced back-to-back daily declines of 3.7%, marking the worst start to October ever, influenced by escalating geopolitical tensions and a mass sell-off by short-term holders.
In the last two days, short-term holders have sent $3 billion worth of bitcoin to exchanges at a loss, amid increasing market panic due to geopolitical events.
The short-term holders, defined as those who have held bitcoin for less than 155 days, are traditionally prone to panic selling, contributing significantly to current market volatility.
While short-term holders are panic selling, long-term holders show resilience, with only 100 bitcoin sent to exchanges at a loss during this volatile period.
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