Bitcoin's recent price dip can be attributed to selling pressure from long-term holders (LTHs), according to an analysis by cryptoSlate analyst James Van Straten. As of early September, LTHs held roughly 14.2 million BTC. Since then, they have sold off 1 million BTC, taking their holdings down to 13.2 million BTC. This supply has been absorbed by short-term holders (STHs), and this metric (LTH supply decreasing while STH supply increases) usually precedes local bottoms. However, this is occurring as roughly 200,000 BTC has left exchanges in recent months. Exchange flows are a critical component of price action for BTC.

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