Over the past two weeks, long-term holders have sold more than $1.2 billion worth of Bitcoin (BTC).
According to CryptoQuant, an on-chain analysis company, on the 19th (local time), long-term holders sold $1.2 billion (approximately KRW 1.6633 trillion) worth of BTC through brokers over the past two weeks. U.S. exchange-traded funds (ETFs) recorded a net outflow of more than $600 million (KRW 831.66 billion) last week, recording their worst performance since the end of April.
CryptoQuant analyzed, “Investors are not increasing their Bitcoin holdings, and demand from whales is also decreasing,” and added, “Stablecoins are showing the slowest growth since November of last year.”
Since BTC was trading above $70,000 in late May, BTC holdings have decreased, and the Unspent Transaction Output (UTXO) age band has also fallen. UTXOs are generated from every BTC transaction and are used to track past, current, and future market patterns. The UTXO age band is an indicator that classifies each UTXO by unused period and tells you how many BTC it belongs to. As the UTXO age band decreases, BTC trading activity generally increases.
Some say that due to the growth of the artificial intelligence (AI) market, there is a trend for miners to sell BTC mining rewards instead of holding them. In a situation where mining rewards are reduced, trading with AI companies is done to preserve profits. “One of the biggest trends after this year’s halving is that miners are switching to artificial intelligence (AI) businesses,” said Metal Par analyst Lucy Hu.
Meanwhile, since the 5th, the price of BTC has fallen from $71,000 to $65,000 as of the 19th due to factors such as the strength of the dollar and avoidance of risky assets. In a situation where there is no momentum for a rebound, there is a possibility that it may plummet below $60,000.
- Reporter Yang Jin-ha
- jjing@rni.kr
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