ChainCatcher news, according to CryptoQuant data, during this decline, approximately $2.4 billion worth of Bitcoin with a holding period of 3-6 months was transferred. Analyst Cauê Oliveira noted that this represents selling pressure on some entities that bought at the beginning of the year. “Perhaps speculators targeting Bitcoin ETFs and halving expectations are being purged.”

On the other hand, entities older than a year have yet to adopt a more significant selling pattern, suggesting that true long-term holders are still holding onto Bitcoin.