Bitcoin's high conviction holders are turning into sellers as the crypto's price hits new lows
Bitcoin's high-conviction holders are now selling their assets as the cryptocurrency's price reaches new lows. This trend suggests a potential end to the current crypto slump, with significant sales from long-term holders. Analysts indicate that the ongoing market conditions and regulatory uncertainties are contributing to the lackluster sentiment around Bitcoin.
- ▪Long-term Bitcoin holders have sold about $2.4 billion in the past two days.
- ▪26% of Bitcoin sold in the last 30 days came from investors who purchased it above $90,000.
- ▪Bitcoin ETFs have experienced their longest streak of net outflows, with assets dropping from $107.8 billion to $85 billion.
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Bitcoin's highest-conviction holders have joined the sell-off in the cryptocurrency, which could signal the beginning of the end of the ongoing crypto slump, according to Compass Point. Long-term holders — defined as those who have held onto their coins for at least 155 days, or about five months — were largely inactive from February to April but have turned into sellers in recent weeks, Compass Point analyst Ed Engel said in a note Tuesday. In the past two days they've sold about $2.4 billion in bitcoin, "which has large implications on BTC's supply/demand balances," Engel said.He also highlighted that 26% of bitcoin sold in the past 30 days came from investors who bought it above $90,000.
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