Crypto News

Long-Term BTC Holders Reduce Holdings Amid Market Volatility And Increased Retail Activity

Throughout 2024, long-term Bitcoin holders have been steadily reducing their holdings. In May, there was a notable sell-off, with 160,000 BTC (approximately $10 billion) sold. This trend slowed somewhat in June, with 40,000 BTC leaving long-term holders’ wallets.

Bitcoin’s mild rebound over the past two weeks has proven short-lived. The prevailing negative sentiment among investors indicates growing impatience, and a low RSI of just 36 suggests a potential bounce is imminent. In the last four days, around 14,000 BTC, worth approximately $851.20 million, have been sent to crypto exchanges.

Despite the selling pressure, recent reports from a crypto analyst indicate that someone at Bybit_Official is buying the Bitcoin dip, as evidenced by a recent spike in the BTC taker buy/sell ratio.

Additionally, retail Bitcoin investors are making a comeback, with the number of new BTC addresses on the network surging to 352,124, the highest level since April.

Another Positive Net Inflow Day For Bitcoin ETFs 

On the ETF front, June 28, 2024, saw a positive net inflow of $73 million. The net inflow has remained positive for four consecutive days.

BlackRock’s IBIT finally received a significant inflow of $82.4 million after 13 days of stagnant flows, while Grayscale’s GBTC experienced the largest outflow of the day, at $27.2 million. The cumulative total net inflow of the 10 US Bitcoin ETFs after 117 trading days has grown back to $14.52 billion.

These dynamics highlight a complex and evolving landscape for Bitcoin, characterized by both selling from long-term holders and renewed interest from retail investors and institutional players.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: olyasolodenko/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *