According to BlockBeats, on July 4, according to CryptoQuant data, about $2.4 billion worth of Bitcoin with a holding period of 3-6 months was transferred during this decline. Analyst Cauê Oliveira pointed out that this represents the selling pressure of some entities that bought at the beginning of the year. "It may be that speculators targeting Bitcoin ETFs and halving expectations are being cleaned up."
On the other hand, entities older than a year have yet to adopt a more significant selling pattern, suggesting that true long-term holders are still holding onto Bitcoin.
