According to Cointelegraph: Market jitters are evident as speculators offloaded over $4 billion worth of Bitcoin (BTC) in two days amid a sharp correction towards $40,000, according to the latest data from on-chain analytics firm Glassnode. This rush to divest demonstrates the impact of BTC price volatility on short-term holders (STHs, or entities holding BTC for less than 155 days), leading to an 18-month record in selling pressure.

Bitcoin's largest single-day dip of 2023, a drop of about 8.1% at one point, seemed to ignite a sell-off among the more speculative subset of BTC investors, fearing an unfavourable market outlook. Glassnode reports that STHs transferred $1.93 billion worth of BTC to exchanges on Dec. 11, followed by another $2.08 billion the next day. Such figures represent long-term highs for STH selling activity, irrespective of profit or loss.

The last time daily selling surpassed the $2 billion mark was in reaction to the anticipated collapse of blockchain firm Celsius in June 2022. The distinct STH activities outlined during the week stand as significant indicators within the crypto investing landscape.

On-chain indicators suggest a cooling appetite for the bull market among STHs and potential demand exhaustion. The Mayer Multiple, a measure of BTC's current spot price relative to its 200-week moving average, approaches 1.5, which has historically served as bull market resistance during Bitcoin's trajectory.

With significant levels of profit-taking witnessed around this month’s 19-month highs near $45,000, BTC’s powerful 2023 rally seems to have met a degree of resistance, proving the sway STHs hold in current market trends.