Short-Term Holders Move Over 65,000 BTC to Exchanges
According to fresh on-chain data from CryptoQuant, short-term Bitcoin holders transferred 65,200 BTC to exchanges within the last 24 hours. The value of these coins is estimated at roughly 6 billion dollars, and all transfers occurred while holders were sitting on unrealized losses.
What the STH P&L to Exchanges Sum Metric Shows
The STH P&L to Exchanges Sum 24H metric tracks the amount of Bitcoin moved to exchange wallets by short-term holders while in a loss position. The indicator does not confirm that a sale took place. Instead, it reflects the intention behind the transaction, as moving funds to an exchange is typically associated with upcoming sell orders.
Implications for Market Sentiment
While not all of the transferred BTC may have been sold immediately, on-chain analysts note that such spikes usually signal increasing anxiety among short-term market participants. This group is known for being more reactive to price volatility and often exacerbates short-term market declines.
Potential Impact on Bitcoin Price
A large inflow of loss-making coins may indicate that holders expect additional downside or want to reduce exposure. If selling continues, the market could see short-term pressure before stabilizing once demand absorbs the supply.
