Bitcoins
Journalist
Posted:
At first glance, the data looked worrying. The numbers showed long-term holders (LTHs) selling Bitcoin [BTC] heavily, with worries about whether BTC was starting to crack.
But a closer look tells you more.
Analysts now say the spike was distorted, which means the narrative around Bitcoin’s latest moves may be far less dramatic than perceived.
Bitcoins A narrative that’s falling apart
Claims that Bitcoin’s LTHs are dumping coins have been overstated.
A recent post by analyst Darkfost on X said that the spike in selling pressure was largely the result of a technical distortion.
In late November, Coinbase moved nearly 800,000 BTC, destroying old long-term holder UTXOs and creating new ones when Bitcoin traded around $85,000.
Samyukhtha L KM Read More