The war in the Middle East and the Asian cryptocurrency investors paying the bills seem to have become a routine. The missiles launched by Iran have once again blown up the shaky cryptocurrency market. Coupled with the bloodsucking of the Chinese stock market, a large number of swing traders have been scared to cut their losses. There are less than three months left in 2024. This is really the most difficult bull market. In the past two days, short-term holders have sold $3 billion worth of Bitcoin at a loss.

On October 2, according to Coindesk, as geopolitical tensions in the Middle East intensified, the price of Bitcoin fell 3.7% in the past two days, of which short-term holders sold about $3 billion of Bitcoin to exchanges at a loss.

According to reports, between September 30 and October 1, Iran launched 200 ballistic missiles at Israel, causing Bitcoin prices to fall continuously and set the worst start in October ever. Glassnode data shows that short-term holders (investors who hold Bitcoin for less than 155 days) sent about 64,000 Bitcoins (about $4 billion) to exchanges in the past two days, of which $3 billion were sold at a price below their average cost.

In contrast, long-term holders only sold 100 bitcoins at a loss during this period, showing stronger confidence in holding positions. $BTC