RATE Group | Blame Short-term Bitcoin Holders For the Price Crash Again
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Blame Short-term Bitcoin Holders For the Price Crash Again

17 Mar Blame Short-term Bitcoin Holders For the Price Crash Again

Posted at 15:27h in Bitcoin News by

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Blame Short-term Bitcoin Holders For the Price Crash Again 101
Source: iStock/cybrain

Sometimes, the history indeed repeats itself. In the Cryptoverse, it’s the short-term traders who have been driving the most recent sell-off. Again.

As reported in October 2019, crypto market analysis firm Coin Metrics found that the bitcoin (BTC) selling pressure at the time originated from short-term traders that got this coin at prices between USD 10,000 and USD 12,000.

Today, in their latest report, following the most recent market crash on March 13, Coin Metrics says that “recent price movements were likely mostly driven by shorter-term and relatively new holders,” according to on-chain data. They support this claim with four arguments.

1. Thirty-day revived supply

Based on the gathered data, the analysts concluded that:

  • some BTC 281,000 (USD 1.5 billion) that haven’t been touched for thirty days, were revived on March 11 – meaning, they returned into circulation;
  • this day saw the fourth largest spike in BTC thirty-day revived supply over the last…

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