Bitcoin short-term holders ‘over-reaction’ a factor in BTC’s drop below $50K — Glassnode
Glassnode says short-term holders have “carried the brunt” of losses from Bitcoin’s recent drop below $50,000.
On Aug. 5, Bitcoin price crashed more than 15% to a six-month low of $49,050. Glassnode analysts believe the correction was an “overreaction” by short-term holders.
With Bitcoin (BTC) price hovering around $58,800 on Aug. 20, the average short-term holder (STH) — those who have held Bitcoin for less than 155 days — is now holding their coins in an “unrealized loss” position, according to an Aug. 20 report published by Glassnode analysts.
This group mainly consisted of those who purchased Bitcoin during the 2024 rally, when it reached its all-time high of $73,835 on March 14.
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Author: Nancy Lubale
