Short-Term Bitcoin Holders Trigger $4 Billion Sell-Off Amid Price Drop, Glassnode Reports

According to Glassnode data reported by COINOTAG on October 2, short-term Bitcoin holders have accumulated approximately 100,000 BTC since September 19. By September 27, Bitcoin’s price surged past $66,000, prompting a significant buying spree among these holders. However, as the price began to decline, these investors reacted by offloading their Bitcoin assets. Notably, in the last 48 hours, short-term holders have transferred around 64,000 BTC, valued at $4 billion, to various trading platforms, with $3 billion worth being sold at a loss. Conversely, long-term holders have demonstrated remarkable stability, only moving 100 BTC at a loss within the same timeframe. Glassnode specifies that “short-term holders” refer to investors who retain Bitcoin for less than 155 days, often resulting in panic selling when BTC dips below their cost basis.