Summary
- Bitcoin (BTC) long-term holders' sell-off is increasing selling pressure in the market.
- On August 29, 97,000 BTC (about $3 billion) were sold, recording the largest single-day sell volume this year.
- Analysis says Bitcoin may show significant volatility around $100,000.
Bitcoin (BTC) long-term holders are increasing selling pressure in the market.
On the 2nd (local time), CoinDesk reported, "Long-term Bitcoin holders have continued selling in recent weeks," and "On August 29 (local time), they sold 97,000 BTC (about $3 billion), marking the largest single-day sell-off so far this year."
The outlet analyzed that selling by long-term holders is an unavoidable trend. CoinDesk said, "There are few assets that trade at $100,000 per unit, so investors taking profits is a natural phenomenon," adding, "It will take time for investors to accept $100,000 as an appropriate price for Bitcoin." It added, "In this process, Bitcoin may show significant volatility around $100,000."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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