VanEck "Bitcoin sell-off led by medium-term holders"

Doohyun Hwang

Summary

VanEck said the recent Bitcoin sell-off is led by 3~5-year holders.
It said the holdings of Bitcoin long-term holders of over 5 years increased by about 278,000 over the past 2 years.
They assessed that this sell-off is the influence of Cycle Trader, and it is difficult to view it as a sign of investor capitulation.

Analysis shows that the entity leading Bitcoin(BTC) weakness is medium-term (3~5 years) holders.

VanEck said in a report on the 19th (local time), "The recent sell-off was mostly by medium-term holders who moved coins within the past 5 years," and "The oldest holders are surprisingly stable despite bearish sentiment." It added, "The amount of Bitcoin that has not moved for more than 5 years increased by about 278,000 over the past 2 years," adding, "This is a sign that the long-term holders' firm conviction remains intact."

Meanwhile, the amount held by medium-term Bitcoin holders was found to have decreased by 32% over the past 2 years. VanEck explained, "The current sell-off is the influence of 'Cycle Trader' who rotate investments according to economic cycles," and "It is difficult to view this as investors' capitulation regarding Bitcoin."

BTC