Bitcoin speculators reacted to the recent price drop below $70,000 by transferring 54,352 BTC (approximately $3.76 billion) to exchanges on October 31, the highest volume since April. Data from Glassnode reveals that short-term holders (STHs) were responsible for most of these transactions, often at a loss, as their profit margins diminished amid rising price volatility. The STH spent output profit ratio (SOPR) fell below breakeven, prompting urgent sell-offs. Market experts noted that prices had previously surpassed $73,000 but exhibited chaotic behavior leading up to significant macroeconomic data, such as U.S. nonfarm payrolls, scheduled for release on November 1. Some analysts highlighted that similar price patterns occurred before past elections, cautioning traders to reconsider their selling decisions. The exchange order book shows that liquidity has shifted to the $68,000 range, suggesting increasing market pressure ahead.

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