Bitcoin's fall below $70,000 triggers panic selling by short-term holders as one-day loss transfers hit a multi-month high

Bitcoin fell below $70,000 on Thursday, Nov. 1, triggering panic selling by short-term holders (STH), according to CoinDesk. On the day, short-term holders transferred more than $2.3 billion worth of bitcoin (about 32,000 BTC) to exchanges at a loss, the largest one-day loss transfer since the August 5 closing of the yen carry trade. Meanwhile, short-term holders have cashed out some of their profits over the past three days by transferring more than $6 billion in bitcoin to exchanges at a profit. Analysts pointed out that approaching the November 5 U.S. presidential election, investors usually reduce risk exposure at the end of the month, in addition to Thursday's U.S. technology stocks collectively fell nearly a trillion dollars or exacerbated market pressure.