Short-term Bitcoin holders have increased selling in the past week. Over 20,000 BTC moved to exchanges at a loss while Bitcoin price shrank below $113,000, as per CryptoQuant data.
Analyst JA Maartun noted on X, “Short-term holders are selling at a loss. This is the deepest value in over one month. Bulls want to see this as a sharp move upward. Otherwise, it could mirror the prolonged loss-taking from late February to late May.”
The volume of BTC transferred to exchanges at a loss rose from around 1,700 BTC on Sunday to 23,520 BTC by Tuesday as Bitcoin fell 3.5% from $118,600 to $114,400 in the same period. CryptoQuant data also shows that short-term holders (STH) Spent Output Profit Ratio (SOPR) multiples fell below 1, signaling renewed pressure on short-term sellers.
Long-Term Holders Secure Gains
At the same time, long-term holders are taking profits. Maartun added, “LTH SOPR spiked to 273, meaning long-term holders realized gains about 273 times their cost basis on-chain.” This shows a split in the market. Short-term holders are selling at a loss while long-term holders are witnessing profits. And Bitcoin is testing key price levels.
Swissblock, a crypto trading firm, noted the support between $100,000 and $110,000 which has been held since May, saying “a break below this range would require significant selling.”
Prediction market Polymarket also assigned a 73% chance BTC ends the week at $114,000, with a 39% chance of dropping below $112,000.
Moreover, macro factors are also influencing the market. Investors are focusing on the Federal Reserve’s FOMC minutes and Jerome Powell’s Jackson Hole remarks. Any deviation from expectations could affect Bitcoin and other risk assets.
The market is showing a clear divide. Short-term holders are selling at a loss, and long-term holders are securing profits. Bitcoin’s next test is holding support and retesting $120,000. It remains to be seen if buyers regain control or if prices stay steady.
Also Read: Bitcoin Price Dips Below $113,000 Amid SEC, AI, and Tariff Fears
