Approximately $2.4 billion worth of Bitcoin aged between 3 and 6 months moved on the network during the drop.
Selling pressure from some entity(ies) that bought at the beginning of the year. Possibly investors who wanted to speculate on ETFs and Halvings being washed out of the market.
These entities can be classified as "long-term" holders, but they are possibly behaving like short-term investors, since they entered at the beginning of the year.
On the other hand, entities older than one year have not yet adopted a more significant spending pattern, indicating that true long-term holders are still holding coins.
Written by caueconomy
