Bitcoin faces selling pressure as long-term holders’ (LTH) BTC exposure shrinks by billions of dollars.
- New research from onchain analytics platform CryptoQuant suggests that speculators are stepping in, but seasoned holders are more cautious.
- Long-term holders who have held BTC for 155 days or more are taking profits as excitement builds for Bitcoin to reach new all-time highs.
- Analyzing the net position change of LTH holdings, CryptoQuant found a “sharp decline” in BTC exposure.
- A $6 billion decrease in LTH’s realized capital suggests that long-term holders are likely taking profits or closing out their buy positions.
- Short-term holders (STH) are increasing their positions.
- STH’s realized capital increased by $6 billion, from -$17 billion to -$11 billion, suggesting that short-term holders are taking more risk or increasing their buy positions.
- A close interaction is observed between the spot price of Bitcoin and the price that occurred one day to one week ago. - It is stated that the momentum weakens after these price tests and may lead to short-term corrections.