While Bitcoin fell below 54 thousand dollars as of Friday morning, Caua Oliveira, an analyst at on-chain analysis platform CryptoQuant, stated that the sales were made by a new group of investors who could not handle market volatility.
Mt. Gox exchange bankruptcy management started to transfer tens of thousands of Bitcoins to other wallets, bringing declines that will be remembered for years to come in the cryptocurrency world. The largest cryptocurrency dropped below 54 thousand dollars, and the market value of the entire crypto ecosystem dropped to 2 trillion dollars.
“Those who entered the market at the beginning of the year…”
Caue Oliveira, an analyst at on-chain tracking platform CryptoQuant, claimed that the declines were mostly made by new investors:
“We see that BTCs, worth approximately 2.4 billion dollars and purchased within a 3 to 6 month period, move in these declines. These may be presented as long-term investors, but their actions are not like that. They act as if they are short-term investors. “It seems that they entered the market at the beginning of the year.”
There are no sales for those who keep it for more than 1 year.”
Continuing his comments, Oliveira said that he thought these people bought under the spell of Bitcoin spot ETFs in the USA and also touched upon the long-term investor:
“There is no sharp selling situation in the investor group that has been holding Bitcoin for more than 1 year. It is possible to say that they withstand falls better. "We cannot see this in short-term investors."
“Best sellers miners”
On the other hand, another CryptoQuant analyst, Joao Wedson, said that Bitcoin miners also made large sales in 2023 and 2024 and that they also had an impact on the course of the market.
Wedson said, “The best sellers in the 2023-2024 period were Bitcoin miners. They broke the record. They sent $166 billion to the stock markets and withdrew only $48 billion. Especially as 2024 approached, their sales increased significantly. "This also affected volatility," he said.
-Hakan Ateşler