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Bitcoin Short-Term Holders Dumping BTC at Loss: Glassnode

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Tue, 06/01/2021 - 10:27
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Yuri Molchan
Bitcoin loses another $1,000 as short-term holders keep getting rid of their BTC, a report says
Bitcoin Short-Term Holders Dumping BTC at Loss: Glassnode
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Recent data provided by Glassnode shows that Bitcoin short-term holders have been dumping their BTC at a loss over the past two weeks.

The STH-SOPR indicator on a Glassnode chart has dropped below one. This metric deals with spent outputs that are younger than 155 days, so this is a valid indicator to analyze patterns in short-term investors' actions.

The flagship cryptocurrency, Bitcoin, has been declining since May 10, when it went south from the $58,770 zone. On May 21, BTC failed another attempt to fix above $40,000 and went under this psychological level of support.

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On May 23, it reached a low of $32,830 and, at press time, it is changing hands at $36,184, as per data provided by CoinMarketCap.

As the short-term holder sell-off continues, Bitcoin lost around $1,000 earlier today, dropping from the $37,415 level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.