How Did Bitcoin Investors React to Yesterday’s Drop? Did They Sell? CryptoQuant Analyst Evaluated!
The market fell sharply yesterday following negative news about spot Bitcoin ETFs.
BTC, which fell from $45,000 to below $41,000, is currently hovering around $43,000.
After the negative news, some investors panicked and sold, while some investors maintained their positions.
CryptoQuant analyst Yonsei Dent, who examined how investors behave at this point, said that short-term investors are selling.
The analyst stated that long-term Bitcoin investors were not affected by yesterday’s decline and maintained their positions.
Categorizing investors by BTC holding period, the analyst said that short-term holders holding BTCs between 1 day and 6 months bought in the range of $ 40,200-$44,700, sold BTC on a decline, and exited the market with the buying and selling prices at par.
Secondly, he examined the 1-month-3-month group that purchased BTC between $26,000-$42,000. Stating that this group also made sales during the decline, the analyst said that this group made a small profit.
Thirdly, the analyst stated that the 3-6 month group did not make any significant transactions and moved at a minimum level, and that the 6-month-12 month group made sales of 7.6 billion dollars.
“The 6-12 month long-term Bitcoin investor group took a shot at $7.6 billion during yesterday’s decline, indicating that it expects a stronger decline.
In contrast, the 1-year-5-year long-term Bitcoin investor group showed little reaction to the BTC decline.
So yesterday’s drop doesn’t seem to have had much of an impact on investors enduring the 2019-2022 cycle. This means that investors who “endured the 2019-2022 cycle” are more resilient to declines. “
$BTC fluctuated due to ETF news, but HODLers did not move
“Yesterday’s price action did not seem to have made much of an impression on investors who endured the 2019-2022 cycle.”
by @Yonsei_dentLink 👇https://t.co/RDJgwlr9Le pic.twitter.com/neWK7b9Wk0
— CryptoQuant.com (@cryptoquant_com) January 4, 2024
*This is not investment advice.
