According to Odaily Planet Daily, data released by BlockTrends research director and on-chain analyst Cauê Oliveira showed that novice investors are capitulating and increasing selling pressure. About $2.4 billion worth of Bitcoin (held within 3 to 6 months) was transferred during the price drop. This selling pressure came from entities that bought Bitcoin at the beginning of the year, possibly investors who wanted to speculate through ETFs and halving.
While these entities could be classified as "long-term" holders, they behave more like short-term investors because they only entered the market at the beginning of the year. On the other hand, entities that have been holding for more than a year have yet to show significant selling patterns, indicating that true long-term holders are still holding on to their coins.
