Quick
Take

On
May
23,
Bitcoin
experienced
a

slight
decline,
dropping
to
a
low
of
approximately
$66,300.
This
dip
was
triggered
by
the
S&P
US
Composite
PMI
Flash
exceeding
consensus
expectations,
pushing
anticipated
rate
cuts
further
away.
Consequently,

short-term
holders—those
who
have
held
the
digital
asset
for
less
than
155
days
and
are
particularly
sensitive
to
market
volatility—reacted
strongly.

 

Data
from

Glassnode
reveals
that
this
cohort
sent
over
$1
billion
worth
of
Bitcoin,
or
around
15,000
BTC,
to
exchanges
at
a
loss,
the
highest
since
May
2.
Despite
this
significant
event,
it
is
encouraging
to
note
a
pattern
of
decreasing
sell
pressure
with
each
subsequent
sell-off,
indicating
that
these
holders
are
becoming
more
accustomed
to
Bitcoin’s
inherent
volatility.

Data
from
Glassnode
shows
that
the
supply
of
Bitcoin
held
by
short-term
holders
has
seen
a
slight
decline
since
its
peak
in
April,
dropping
from
3.4
million
BTC
to
3.3
million
BTC.
This
shift
suggests
a
growing
maturity
among
short-term
investors,
as
they’ve
held
through
a

correction
exceeding
20%.
In
earlier
stages
of
the
cycle,
this
cohort
would
likely
have
exhibited
a
more
substantial
decline.