A wave of short-term Bitcoin sell-offs is coming! 32,000 BTC flows into exchanges, how should investors respond?

According to CoinDesk's latest report, on November 1, the price of Bitcoin fell below $70,000, triggering a massive sell-off by short-term holders. On that day, approximately 32,000 Bitcoins (worth about $2.3 billion) were transferred to exchanges at a loss, marking the highest level since the closing of the yen arbitrage trades on August 5. This wave of sell-offs reflects the fragility of market sentiment.

In the past three days, short-term holders with a holding period of less than 155 days have transferred over $6 billion worth of profitable Bitcoin to exchanges, attempting to mitigate potential risks through liquidation. Behind this trend are multiple overlapping factors, including the approaching U.S. presidential election and the widespread decline of the “Big Seven” tech stocks, resulting in a market cap evaporation of nearly $1 trillion.

Although Bitcoin has retraced 6% from its historical peak, it is noteworthy that the performance of long-term holders remains robust, with an overall increase of 11% recorded in October. This indicates that, amidst market turbulence, patient holding is still a strategy worth considering.

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