According to TechFlow, CryptoQuant data shows that during this Bitcoin decline, about $2.4 billion worth of Bitcoin with a holding period of 3-6 months was transferred. Analyst Cauê Oliveira pointed out that this shows that some investors who bought Bitcoin at the beginning of the year are increasing selling pressure, probably because their speculative expectations for ETFs and halving have not been realized. Although these investors are classified as "long-term" holders, they behave more like short-term investors.
On the other hand, Bitcoin holders who have been holding for more than a year have yet to show significant selling behavior, showing that true long-term holders are still holding on.
