CryptoQuant Analysis: Short-Term Holders Dumped BTC at $70k, Triggering Correction
CryptoNewsTerminal Staff01 Aug, 2024
CryptoQuant Analysis: Short-Term Holders Dumped BTC at $70k, Triggering Correction
Short-term Bitcoin holders, those who have held their coins for less than six months, played a significant role in the recent market correction after Bitcoin reached $70,000, according to CryptoQuant contributor XBTManager. As per XBTManager's analysis, a significant amount of BTC held by short-term holders was moved in the past three days, intensifying selling pressure and contributing to the price decline. The analyst anticipates that price recovery may take some time following this correction.