Although the Bitcoin price faces challenges in breaking out significantly from its support level of $60,000, recent on-chain data reveals a fascinating shift in sentiment among Bitcoin enthusiasts. Despite the ongoing price corrections, it appears that long-term holders remain undeterred. In fact, about 15,917 BTC, valued at approximately $987 million, has been withdrawn from various cryptocurrency exchanges over the past week. Bitcoin Exits Crypto Exchanges In Droves According to a previous report by NewsBTC, Bitcoin’s recent dip to $60,000 can largely be attributed to the actions of short-term holders. On-chain data reveals that this particular group of traders decided to exit their positions after Bitcoin’s performance failed to meet expectations in early October, further intensifying the selling pressure. However, long-term holders have taken full advantage of this increased selling pressure. Rather than follow the short-term market sentiment, many long-term investors seized the opportunity to add more Bitcoin to their portfolios. Related Reading: Crypto Analyst Predicts Massive 8,400% Rise For XRP Price To $44, Calls It ‘Conservative’ As data would have it, long-term holders seem to have capitalized on the selling ..
Support the originator by clicking the read the rest link below.
