ChainCatcher news, according to data released by BlockTrends research director and on-chain analyst Cauê Oliveira, novice investors are capitulating, increasing selling pressure. Approximately $2.4 billion worth of Bitcoin (held between 3 and 6 months) was moved during the price decline. This selling pressure comes from entities that purchased Bitcoin at the beginning of the year, likely investors looking to speculate through ETFs and the 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.