Bitcoin Short-Term Holders Were Behind The Selloff To Below $36k

2022-5-7 22:00

On-chain data shows Bitcoin short-term holders seem to have been behind the latest selloff that has taken the price of the crypto below $36k.

Bitcoin Investors Holding Coins Aged Between 1 Day And 6 Months Sold Big Yesterday

As pointed out by an analyst in a CryptoQuant post, short-term holders seem to have sold the heaviest during the recent selloff.

The relevant indicator here is the “exchange inflow,” which measures the total amount of coins moving into exchange wallets.

A modification of this metric is the “exchange inflow spent output age bands.” it tells us how much the different Bitcoin holder groups are contributing to the inflow.

The various groups are divided based on how many days the investors held their coins before transferring them to the exchange.

The 1-day to 6-month coin age group is generally considered the “short-term holders” (STH). This cohort is usually the likeliest to sell their coins.

All investors holding their Bitcoin for longer periods of time are the “long-term holders” (LTH). Now, here is a chart that shows the trend in the below 6-month and between 6 to 18-month age group inflows over the last few months:

Looks like STH inflows spiked up recently | Source: CryptoQuant

As you can see in the above graph, the 1-day to 6-month coin age group sent a large amount of coins just yesterday.

The inflow spike amounted to more than 60k coins being transferred by this group. Investors usually send their Bitcoin to exchanges for selling purposes, hence these coins took part in the selloff that has now taken the price below $36k.

Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up

The 6-month to 18-month group, on the other hand, doesn’t seem to have moved too many coins over the past day.

The older Bitcoin LTH groups have also not shown much activity recently. The below chart shows the trend in their inflows.

The 1.5-year to 3-year cohort only looks to have sold around 500 BTC yesterday | Source: CryptoQuant

From these trends, it seems like the only investors that took part in the selling yesterday were the short-term holders, who are generally the more fickle ones. The long-term holders still look to be holding strong.

Related Reading | Bitcoin Long Squeeze Incoming? Funding Rates Surge Up

BTC Price

At the time of writing, Bitcoin’s price floats around $35.8k, down 8% in the last seven days. Over the past month, the crypto has lost 21% in value.

The below chart shows the trend in the price of the coin over the last five days.

The price of Bitcoin seems to have plummeted down over the past day | Source: BTCUSD on TradingView

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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