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Short-Term Bitcoin Holders Panic Sell: Here's Why It Might Be Great News For BTC
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Short-Term Bitcoin Holders Panic Sell: Here’s Why It Might Be Great News For BTC

Samuel Edyme
Samuel Edyme
8 months ago
3 mins read
Short-Term Bitcoin Holders Panic Sell: Here's Why It Might Be Great News for BTC

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Amid the Bitcoin gradual recovery in price, the asset seems to have been experiencing an interesting market trend lately, suggesting a shift in its supply distribution.

According to a CryptoQuant analyst, who goes by the pseudonym ‘IT Tech,’ BTC’s recent price fluctuations have led to short-term holders (STHs), labeled as “weak hands,” exiting the market, potentially passing their holdings to long-term investors or “strong hands.”

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Is The Worst Over For Bitcoin? Analyst Suggests Local Bottom May Be Here

8 months ago

Short-Term Holders Exit Equals Market Opportunities

The analyst’s post, “Weak Hands & Bitcoin Dips: Uncovering Short-Term Holders’ Behaviour During Price Drops,” outlined how Bitcoin’s price movements are closely tied to STH behavior.

The analyst explained that when Bitcoin faces a dip, these short-term holders typically panic and sell off their assets, often at a loss. This pattern is represented by increased purple bars in the chart shared by the analyst, signalling a heightened sell-off during market downturns.

Bitcoin short term holders chart.
Bitcoin short term holders chart. | Source: CryptoQuant

As STHs exit their positions, these sell-offs often transfer Bitcoin to stronger hands—long-term holders more likely to accumulate and hold through market volatility.

The CryptoQuant analyst reveals that as these STHs continue to sell their holdings in reaction to market dips, their overall supply is reducing, resulting in reduced selling pressure, potentially stabilizing Bitcoin’s market price.

IT Tech emphasized that understanding the behavior of these short-term holders can be pivotal in identifying “market bottoms.” The theory is that as STHs exit the market during downturns, it signal the possibility of accumulation opportunities.

In simpler terms, the analyst explained that as Bitcoin moves to holders less likely to sell at short-term price drops, the market is more likely to find a “price floor,” possibly setting the stage for future bullish momentum.

Weak Hands & #Bitcoin Dips: Uncovering Short-Term Holders’ Behavior During Price Drops

“The overall STH supply has declined, especially after major sell-offs, suggesting weak hands are gradually exiting. This reduction in selling pressure can create opportunities for… pic.twitter.com/mp5K6MrSOm

— CryptoQuant.com (@cryptoquant_com) October 7, 2024

Bitcoin Market Performance

Following a notable dip to $60,000 earlier in the month last week, which lessened investor’s hope on a bullish October termed “uptober” Bitcoin is finally now seeing a noticeable price recovery reclaiming the $64,000 price mark.

Related Reading

Bitcoin Price Ready to Resume Gains

Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?

8 months ago

Particularly, at the time of writing, Bitcoin trades for $64,174 up by 2.7% in the past day. This uptick is reflected in the global crypto market cap, which has also seen a rise of 1.8% over the same period to a current valuation of $2.33 trillion.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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