Short-term Bitcoin holder transfers to exchanges peak on Ethereum ETF launch day

Insights

BitcoinExchanges

Significant
Bitcoin
transfer
activity
tied
to
short-term
holders’
strategy
on
Ethereum
ETF
debut

The
overall
volume
of
short-term
Bitcoin
holders
transferring
funds
to
exchanges
peaked
on
Ethereum
ETF
launch
day,
July
23,
at
the
highest
level
since
May.

Short-term
holders
to
exchanges
(Glassnode)

Overall,
Bitcoin
transfer
volumes
for
both
long-term
and
short-term
holders
to
exchanges
showed
short-term
holders
in
loss
represented
a
significant
portion
of
transfer
activity
at
54%,
and
short-term
holders
in
profit
constituted
32%.

Conversely,
long-term
holders
exhibited
a
more
cautious
stance
at
just
13%.
Their
transfer
volume
remained
low
and
stable,
suggesting
a
reluctance
to
sell
despite
unknown
market
conditions.

Percentage
of
volume
to
exchanges
(Glassnode)

Throughout
Bitcoin’s
history,
short-term
holders
consistently
show
more
active
trading
behavior
and
higher
transfer
activity
than
long-term
holders.
July
24
saw
a
small
6,000
BTC
spike
compared to
the
rest
of
2024

This
data
points
to
exhibiting
short-term
profit-taking
strategies
and
cautious
long-term
investment
behavior.

Go to Source
Author: Liam ‘Akiba’ Wright

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