Would you sell BTC after 10% gains? Speculators seem keen.
Bitcoin short-term holders are feeling the need to sell BTC at $30,000, data shows.on June 28, on-chain analytics firm Glassnode flagged tens of thousands of coins being sent to exchanges.BTC price action stalling at $30,000 is prompting a rethink when it comes to buyers who have turned a profit this month.
Monitoring inflows to exchange wallets, Glassnode revealed a clear spike in funds being put up for trade originating from STHs, which correspond to Bitcoin’s more speculative investor cohorts. “Currently, STH exchange inflows are intensifying, with a significant 1.28% of the STH Supply sent to exchanges.”
STHs, it shows, are more apt to sell en masse during periods of BTC price suppression in order to limit losses. Profit-taking, on the other hand — as seen now and in March, when BTC/USD first returned to the $30,000 mark — has resulted in overall lower exchange volumes.
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