According to ChainCatcher, Glassnode posted on social media that in the past 24 hours, the majority of on-chain Bitcoin (BTC) spending came from short-term holders (STH). Short-term holders (STH) accounted for $18.24 billion (85.5%), while long-term holders (LTH) accounted for $3.1 billion (14.5%), with the total spending amounting to $21.34 billion.
This indicates that the current wave of selling is mainly driven by recent buyers rather than long-term investors.