Short-Term Investors Are Selling Their Bitcoin (BTC) According to Glassnode Data


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According to a report, Bitcoin lost another $1000 as short-term Bitcoin holders continued to sell their BTC.

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Recent data provided by Glassnode shows that Bitcoin short-term holders have sold their BTC at a loss in the past two weeks. The STH-SOPR indicator on the Glassnode chart has dropped below one. This metric deals with balances spent earlier than 155 days, so this is a valid indicator for analyzing patterns in the actions of short-term traders.

The leading cryptocurrency Bitcoin has been continuing its decline since it started to slide down from the $58,770 region. On May 21, BTC failed to attempt a correction above $40,000, causing it to go below this psychological support level. The cryptocurrency dropped to $32,830 on May 23 and was changing hands at $36,240 at the time of writing, according to data provided by CoinMarketCap.

As short-term selling continues, Bitcoin lost $1,000 earlier today and tumbled down from the $37,415 high. But it recovered again.