Bitcoin (BTC) holders are facing potential sell-off pressure as the dollar value of their BTC exposure drops by billions. New research from CryptoQuant suggests that speculators are stepping in and seasoned holders are avoiding taking risks in BTC.

Long-term Bitcoin holders (LTHs) may be taking profits. By analyzing the net position change of LTH assets that have held BTC for 155 days or more, CryptoQuant found a “sharp decline” in their BTC exposure. LTHs’ BTC exposure fell from $19 billion to $12 billion.

Short-term holders (STHs) took a different approach. STHs’ BTC exposure rose from -$17 billion to -$11 billion. This suggests that short-term holders are taking more risk or increasing their long positions.

What do you think of these findings? Share your thoughts in the comments.