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Short-term holders bear the brunt of Bitcoin’s volatility

07.09.2023
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Bitcoin’s drop from $29,000 in mid-August has significantly changed market dynamics. Despite the short-lived jump to $27,000 following the news about Grayscale’s win against the SEC, Bitcoin is still hovering around $25,700.

btcusd august
Graph showing Bitcoin’s price from Aug. 1 to Sep. 7, 2023 (Source: CryptoSlate BTC)

A deeper dive into on-chain metrics reveals that this downward pressure primarily comes from short-term holders offloading their assets.

One of the most telling metrics in this scenario is the short-term holder percent transfer volume in profit. This metric offers insights into the bias of on-chain value settled by short-term holders, either in profit or loss.

A positive value indicates that over 50% of the short-term holder transfer volume is in profit, while a negative value suggests the opposite, signaling that more than half of the short-term holder transfer volume is in loss.

Data from Glassnode shows a dip in the STH transfer volume profit correlating with Bitcoin’s decline from $29,400. As of Sep. 6, the STH transfer volume bias stood at –23.5 %, indicating that a significant portion of the transfer volume from short-term holders was at a loss.

Short-Term Holder Percent Transfer Volume in Profit 3mo
Graph showing the short-term holder percent transfer volume in profit from June to September 2023 (Source: Glassnode)

Contrastingly, long-term holders exhibit a more resilient stance. Their metrics began to show transfers in loss only as of Sep. 3. By Sep. 6, the long-term holder percent transfer volume bias was recorded at -5.5%, indicating that most long-term holders remain in profit despite the market’s recent turbulence.

long-term holder percent transfer volume in profit
Graph showing the long-term holder percent transfer volume in profit from June to September 2023 (Source: Glassnode)

Another metric worth noting is the short-term holder spent volume as a percentage of held supply. This metric showcases the proportion of on-chain transfer volume by short-term holders relative to their total maintained supply. Historically, significant movements in this metric have been associated with high-volatility events. On Sept. 3, 3.1% of the total short-term holder supply transacted at a loss. The last time such a high percentage was observed was in mid-March, correlating with Bitcoin’s price plummeting from $23,000 to $20,000.

short-term holder spent volume as percent of held supply YTD
Graph showing short-term holder spent volume as a percent of held supply YTD (Source: Glassnode)

The heightened selling pressure from short-term holders could indicate a lack of confidence in Bitcoin’s short-term price trajectory. However, the resilience shown by long-term holders suggests a continued belief in Bitcoin’s long-term value.

The post Short-term holders bear the brunt of Bitcoin’s volatility appeared first on CryptoSlate.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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