Opinion: The Current Bitcoin Sell-Off Is Driven by Short-Term Holders, with Over 85% of On-Chain Spending Coming from New Buyers

BlockBeats News, August 1 — Glassnode reported 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 round of selling is mainly driven by recent buyers rather than long-term investors.

Note: Spending refers to the total amount of Bitcoin moved or utilized on the blockchain within a certain period, rather than simply "selling" or "trading volume."