Glassnode: $3 Billion Worth of BTC Transferred to CEX at a Loss by Short-Term Bitcoin Holders in Last 2 Days

Since Sept. 19, the group of short-term bitcoin holders has purchased about 100,000 bitcoins, according to Glassnode data, CoinDesk reported. As of Sept. 27, the price of bitcoin soared above $66,000, and as the price rose, short-term holders began to buy heavily. But as the price began to fall, they began to sell their holdings.

In the past two days, short-term holders have sent about 64,000 bitcoins worth $4 billion to trading platforms. About $3 billion of that amount was sent at a loss. Long-term holders, on the other hand, seem to be staying calm. During the same time period, this group sent only 100 Bitcoins to the trading platform at a loss.

Glassnode reportedly defines “short-term holders” as investors who have held Bitcoin for less than 155 days. This group tends to panic sell when the price of BTC falls below its cost.