BTC short-term holders could be the reason for BTC’s latest price drop as per CryptoQuant’s latest analsysisThere has been a lot of speculation in the market ever sincefell from its high of $29,703 on 5 May to $27,333 on 8 May. Although BTC exchanged hands 0.65% higher over the last 24 hours, its seven-day performance still flashed red at press time.
These holdings were acquired between 15.4k to 18.3k and were held on for a period of 3 to 6 months. Furthermore, these holdings made a significant portion of the spend output.Additionally, the second significant age band that transferred their BTC to exchanges held onto it between a day and a week. This age band comprised 10.27% of the total outputs.
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