Short-Term BTC Have Moved Nearly 83K BTC to Exchanges at a Loss
Short-term Bitcoin holders have transferred nearly $8 billion worth of BTC to exchanges at a loss over just two days, signaling a potential local bottom according to Glassnode data. As Bitcoin's price neared $100,000, many investors cashed out, but with the drop to almost $90,000, a trend of loss-taking has emerged. This recent activity is notable as it marks the highest notional loss-taking on record for this group, which consists of those holding Bitcoin for less than 155 days. When this cohort typically moves over $2 billion to exchanges at a loss, it has historically indicated a local price bottom. Currently, there are about 678,000 BTC held at a loss, following a volatile period of profit and loss-taking among investors. This situation highlights the choices investors face amid Bitcoin's fluctuations: to embrace the volatility or to avoid it altogether. The analysis suggests that with Bitcoin relatively close to its all-time high, many recent buyers are now facing losses, reflecting broader market sentiment amid the ongoing price adjustments.
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