Market reacts to Binance news as short-term Bitcoin holders cash out

2023-11-22 17:24

Quick Take

The recent news about CZ and Binance triggered significant sell pressure on Bitcoin, marking a distinctive shift in the behavior of long-term and short-term Bitcoin holders.

Long-term holders who have held Bitcoin for over 155 days sold approximately $100 million worth of Bitcoin to exchanges. This sale ranked among this cohort’s top 10 largest amounts offloaded this year and was primarily driven by profit-taking.

Long Term Holder to exchanges: (Source: Glassnode)

In contrast, short-term holders, those holding for less than 155 days, demonstrated an even more pronounced reaction to the news. They sold about $1.5 billion to exchanges, marking the fifth largest amount sold by this group this year. Remarkably, approximately $900 million of this amount was pure profit.

Short Term Holder to exchanges: (Source: Glassnode)

The post Market reacts to Binance news as short-term Bitcoin holders cash out appeared first on CryptoSlate.

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