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Glassnode: Short-term holders of Bitcoin have recently increased their activity

Glassnode: Short-term holders of Bitcoin have recently increased their activity

2024/01/18 11:57
BTC-0.09%

According to Glassnode data, the activity of short-term Bitcoin holders (STH) has significantly increased recently. On January 12th, the largest-scale STH activity since May 2021 occurred, during which $6.1 billion worth of Bitcoin was transferred. This large-scale transfer is mainly attributed to profit-taking as Bitcoin reached a high point of $49,000 due to the approval of an ETF. On January 15th, in the largest single-day drop experienced by Bitcoin since the FTX crash, STH transferred a record-breaking $4 billion worth of Bitcoin. One day later on January 16th, these STH transferred $3 billion worth of Bitcoin to exchanges with profits and losses almost equaling each other - profits being $1.6 billion and losses being $1.4 billion. These numbers indicate that there is an increase in volatility and activity among short-term Bitcoin holders, suggesting passive market behavior.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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