Bitcoin long-term holders sell $2.4 billion as analyst suggests potential end to crypto slump
By
Tanaya Macheel
The kind of bagel that ruins lesser bagels for you.
Summary
Bitcoin's long-term holders (those holding for at least 155 days) have shifted from inactivity to selling, offloading approximately $2.4 billion in bitcoin over the past two days. According to Compass Point analyst Ed Engel, this shift by high-conviction holders could signal the beginning of the end of the ongoing crypto slump, as it has significant implications for Bitcoin's supply and demand balances.
Key quotes
· 2 pulledLong-term holders – defined as those that have held onto their coins for at least 155 days, or about five months – were largely inactive from February to April but have turned into sellers in recent weeks
In the past two days they've sold about $2.4 billion in bitcoin, 'which has large implications on BTC's supply/demand balances'
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