VanEck "Bitcoin sell-off led by medium-term holders"
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."
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
