CandleFocus Short-Term Holders Send $3B in Bitcoin to Exchanges at a Loss as Mideast Tensions Rise
2024-10-02
Author: Content Editor
Bitcoin experienced consecutive daily declines of 3.7% as tensions escalated in the Middle East. Short-term holders, defined as investors who have held bitcoin for less than 155 days, sent $3 billion worth of bitcoin to exchanges over the past two days, resulting in losses. This group tends to panic-sell when the bitcoin price drops below their cost basis. Long-term holders, however, showed more resilience and sent only 100 bitcoin at a loss to exchanges during the same time frame. The start of October has seen the worst-ever performance for bitcoin, which typically has positive returns during this month.
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