- 3-6 Month BTC Holders Join Day and Swing Traders in Selling Amid SEC Drama.
- Bitcoin sees minimal realized loss as it maintains its $25,000 and $26,000 support range.
The recent drama involving two major exchanges and certain tokens in the Security and Exchange Commission (SEC) lawsuit has caused quite a stir, even though Bitcoin (BTC) itself was not directly involved. Nevertheless, Bitcoin’s reaction to this news has been remarkable.
Read Bitcoin (BTC) Price Prediction 2023-24
As a result of these developments, certain groups of holders have opted to sell their participations. However, it is crucial to examine how this news and the actions of these holders have influenced other key metrics and the current market price of BTC.
Bitcoin is witnessing a dump of long-term holders
The recent developments surrounding Binance and Coinbase have had a noticeable impact on the price of Bitcoin (BTC), leading to a correction. Analyzes of from CryptoQuant Recent charts showed that BTC’s sell-off volume was primarily influenced by day traders, swing traders, and some long-term holders.
A closer examination of the Exchange Inflow Spended Output Age Bands yielded interesting insights. On June 4, there was a modest increase in BTC inflow within the 0-1 day age range, with over 14,000 BTC entering the exchanges. This move was a regular occurrence based on historical records.
However, on June 5, there was a significant spike in the inflow of long-term holders in the three to six month age range. This sudden surge saw more than 3,000 BTC deposited, indicating an unusual sell-off by this particular category of long-term holders.
Source: CryptoQuant
On the other hand, the six-month and 12-month holders seemed relatively calm in their sales. But on June 7, there was an unprecedented flow of more than 1,000 BTC, the highest level since March. These observations suggested that short-term holders were the main drivers behind the recent swings in BTC’s price. Long term holders have generally held onto their coins.
Furthermore, the Exchange Inflow – Spent output value bands shed light on the volume of Bitcoin sold by various traders, ranging from 1 to 10,000 BTC in the past 13 months.
Losses realized by Bitcoin remain minimal
As US regulatory pressure on major cryptocurrency exchanges Binance and Coinbase intensified, the market witnessed a wave of high volatility, leading to significant price swings. Despite these turbulent movements, recent data from from Glassnode chart revealed that total Bitcoin realized losses recorded on-chain amounted to a relatively modest $112 million.
Interestingly, this figure represented a significant deviation of -$3.05 billion (-96.5%) from the largest capitulation on record. These findings suggested that market participants have shown increased resilience in the face of these regulatory challenges.
How much are 1,10,100 BTC worth today
Current support level maintained
On a daily time chart, Bitcoin’s price movement revealed a remarkable trend that started on June 4. During this period, Bitcoin experienced significant price swings.
However, it managed to maintain its support range and hovered around $26,000 to $25,000. At the time of writing, BTC was trading at around USD 26,500, indicating a slight increase and a modest increase in value.
Source: TradingView