Bitcoin's value has dropped below $27,000 in the past day, with on-chain analytics firm Glassnode breaking down the market segments that may be contributing to the selloff.
The BTC market is divided into two main segments: long-term holders (LTHs) and short-term holders (STHs). The STHs are investors who acquired their Bitcoin within the last 155 days, while the LTHs are investors who have been holding for longer. The "dormancy average spending ranges" indicator shows the periods in which the average coins being spent/transferred by these two groups were first acquired. The chart shows that the 7-day average spending range for the STHs is quite close to the current prices at $30,400 to $27,300, while the LTHs' acquisition range is at $67,600 to $35,000.
It appears that those who bought at high bull market prices have finally decided to take their losses and move on.
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