{"id":558251,"date":"2023-10-30T22:00:31","date_gmt":"2023-10-30T22:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=558251"},"modified":"2024-06-11T08:11:54","modified_gmt":"2024-06-11T08:11:54","slug":"bitcoin-solid-34000-high-short-term-holders","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-solid-34000-high-short-term-holders\/","title":{"rendered":"Bitcoin Solid Above $34,000 Despite High Short-Term Holder Profit-Taking"},"content":{"rendered":"

Bitcoin has shown some impressive strength above the $34,000 mark despite a high amount of profit-taking from short-term holders.<\/p>\n

Bitcoin Short-Term Holders Are Selling, While Long-Term Holders Are Still Quiet<\/h2>\n

As explained by analyst James V. Straten in a new post<\/a> on X, the short-term holders are currently participating in one of the strongest profit-taking events of the past couple of years.<\/p>\n

The “short-term holders<\/a>” (STHs) here refer to all those Bitcoin investors who have been holding onto their coins since less than 155 days ago. This group comprises one of the two main divisions of the BTC market, with the other being called the “long-term holders<\/a>” (LTHs).<\/p>\n

Statistically, the longer an investor keeps their coins dormant, the less likely they become to sell them at any point. Because of this reason, the STHs are generally the weak-minded hands of the sector, while the LTHs are the strong, persistent holders.<\/p>\n

Related Reading: Bitcoin Price Consolidates Below $35K \u2013 Here\u2019s What Could Trigger Bearish Reaction<\/a><\/div>\n

Whenever the sector goes through any significant FUD or FOMO, the STHs budge and participate in at least some amount of selling. The LTHs, on the other hand, usually show little reaction.<\/p>\n

Since the Bitcoin price has enjoyed a sharp rally<\/a> recently that has taken its price above the $34,000 level, the STHs would naturally be selling now. One way to track whether this Bitcoin group is selling their coins can be by tracking the volume that they are transferring to exchanges.<\/p>\n

In the context of the current discussion, Straten has decided to choose the version of this indicator that specifically tracks the transactions from investors who are in profit, as profit-taking is generally the behavior of focus during rallies. In contrast, loss transactions play a greater role in price slumps.<\/p>\n

Now, here is a chart that shows the trend in the metric for the Bitcoin STHs over the past two years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been quite high in recent days | Source: @jimmyvs24 on X<\/a><\/pre>\n
As shown in the above graph, the Bitcoin STHs in profit have sent large amounts to these centralized platforms since the latest rally in the asset.<\/p>\n
This confirms that these weak hands have been selling recently. As mentioned before, it’s not unusual for such a thing to happen, but the scale of the profit-taking this time around is particularly significant.<\/p>\n
Related Reading: 19,197 BTC Makes Its Way Out Of Binance, Trigger For Bitcoin Recovery?<\/a><\/div>\n
From the chart, it’s visible that there have only been a few times in the past couple of years where the STHs in profit have transferred comparable or higher volumes to exchanges. Given this selloff, it’s impressive that Bitcoin has been able to hold on above the $34,000 level during the last few days.<\/p>\n
As expected from the LTHs, they haven’t sold much despite the rally.<\/p>\n
\"Bitcoin<\/p>\n
The metric has seen a small spike recently | Source: @jimmyvs24 on X<\/a><\/pre>\n
The metric is currently at its sixth-largest value for this year, but as is clear from the above graph, the scale of this selloff is still not that much in pure terms.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading at around $34,700, up 13% in the past week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has slowed down a bit since its sharp rally | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has shown some impressive strength above the $34,000 mark despite a high amount of profit-taking from short-term holders. Bitcoin Short-Term Holders Are Selling, While Long-Term Holders Are Still Quiet As explained by analyst James V. Straten in a new post on X, the short-term holders are currently participating in one of the strongest profit-taking events of the past couple of years. The “short-term holders” (STHs) here refer to all those Bitcoin investors who have been holding onto their coins since less than 155 days ago. This group comprises one of the two main divisions of the BTC market, with the other being called the “long-term holders” (LTHs). Statistically, the longer an investor keeps their coins dormant, the less likely they become to sell them at any point. Because of this reason, the STHs are generally the weak-minded hands of the sector, while the LTHs are the strong, persistent holders. Related Reading: Bitcoin Price Consolidates Below $35K \u2013 Here\u2019s What Could Trigger Bearish Reaction Whenever the sector goes through any significant FUD or FOMO, the STHs budge and participate in at least some amount of selling. The LTHs, on the other hand, usually show little reaction. Since the Bitcoin price has enjoyed a sharp rally recently that has taken its price above the $34,000 level, the STHs would naturally be selling now. One way to track whether this Bitcoin group is selling their coins can be by tracking the volume that they are transferring to exchanges. In the context of the current discussion, Straten has decided to choose the version of this indicator that specifically tracks the transactions from investors who are in profit, as profit-taking is generally the behavior of focus during rallies. In contrast, loss transactions play a greater role in price slumps. Now, here is a chart that shows the trend in the metric for the Bitcoin STHs over the past two years: Looks like the value of the metric has been quite high in recent days | Source: @jimmyvs24 on X As shown in the above graph, the Bitcoin STHs in profit have sent large amounts to these centralized platforms since the latest rally in the asset. This confirms that these weak hands have been selling recently. As mentioned before, it’s not unusual for such a thing to happen, but the scale of the profit-taking this time around is particularly significant. Related Reading: 19,197 BTC Makes Its Way Out Of Binance, Trigger For Bitcoin Recovery? From the chart, it’s visible that there have only been a few times in the past couple of years where the STHs in profit have transferred comparable or higher volumes to exchanges. Given this selloff, it’s impressive that Bitcoin has been able to hold on above the $34,000 level during the last few days. As expected from the LTHs, they haven’t sold much despite the rally. The metric has seen a small spike recently | Source: @jimmyvs24 on X The metric is currently at its sixth-largest value for this year, but as is clear from the above graph, the scale of this selloff is still not that much in pure terms. BTC Price At the time of writing, Bitcoin is trading at around $34,700, up 13% in the past week. BTC has slowed down a bit since its sharp rally | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":558268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84666,85496,84852,1119,1144],"class_list":["post-558251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-long-term-holders","tag-bitcoin-profit-taking","tag-bitcoin-short-term-holders","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Solid Above $34,000 Despite High Short-Term Holder Profit-Taking<\/title>\n<meta name=\"description\" content=\"Bitcoin has showed some impressive strength above the $34,000 mark despite a high amount of profit-taking 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Solid Above $34,000 Despite High Short-Term Holder Profit-Taking","url":"http:\/\/wncen.com\/news\/bitcoin-solid-34000-high-short-term-holders\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-solid-34000-high-short-term-holders\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/kanchanara-rhm7H8X5J98-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/kanchanara-rhm7H8X5J98-unsplash-2.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin long-term holders","bitcoin profit-taking","bitcoin short-term holders","btc","btcusd"],"dateCreated":"2023-10-30T22:00:31Z","datePublished":"2023-10-30T22:00:31Z","dateModified":"2024-06-11T08:11:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Solid Above $34,000 Despite High Short-Term Holder Profit-Taking\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-solid-34000-high-short-term-holders\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-solid-34000-high-short-term-holders\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/kanchanara-rhm7H8X5J98-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/kanchanara-rhm7H8X5J98-unsplash-2.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin long-term holders\",\"bitcoin profit-taking\",\"bitcoin short-term holders\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-10-30T22:00:31Z\",\"datePublished\":\"2023-10-30T22:00:31Z\",\"dateModified\":\"2024-06-11T08:11:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/kanchanara-rhm7H8X5J98-unsplash-2.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/558251"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=558251"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/558251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/558268"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=558251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=558251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=558251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}