Bitcoin investors have sold over $4 billion of BTC in two days, with the market seeing record-breaking selling in the past 18 months.
Glassnode data shows that short-term holders have sold over $1.93 billion and $2.08 billion worth of BTC consecutively on the 11th and 12th of December. The total sales of these two days have pushed the Bitcoin price below $41,000.
The selling has come to a close as the BTC price saw a correction after its recent rally and fell nearly to the $40,000 price mark. The short-term holders are investors who hold assets for 155 days or less.
A popular crypto analyst, James Van Straten, noted the event and shared that the short-term holder sell-off of $2.08 billion on December 12 was the biggest since the Luna crash in June 2022.
Several other crypto analysts said that profit-taking after Bitcoin reached a 19-month high was meaningful and the short-term investors were essentially the drivers of Bitcoin’s recent gains.
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