[Analysis] "Bitcoin, Concentrated Selling by Long-term Holders · Buying by Short-term Holders…On-chain Gap Clear"

An analysis has suggested that in the Bitcoin (BTC) market the clear selling advantage of long-term holders (LTH) and the aggressive buying pressure of short-term holders (STH) are simultaneously strengthening.

On the 1st (local time), Amr Taha, an analyst at on-chain analysis platform CryptoQuant, said, "Recently, the realized market cap of short-term investors exceeded $51 billion, marking the highest level since December last year," and explained, "This is a flow similar to the typical top signal where new/short-term funds rapidly flow in."

According to CryptoQuant data, the STH realized market cap exceeded $51 billion as of the 23rd of last month, whereas the LTH realized market cap fell to around -$47 billion. It is interpreted as being close to a distribution phase in which long-term holders supply sell orders during an uptrend and short-term funds take them at high prices.

Taha added, "In the past, periods in which STHs rapidly bought and LTHs sold were generally observed just before price corrections," and "the same pattern appeared in the adjustment phases of March and December 2024."