{"id":564902,"date":"2023-12-12T01:00:02","date_gmt":"2023-12-12T01:00:02","guid":{"rendered":"https:\/\/ktsl888.com\/?p=564902"},"modified":"2024-06-11T08:01:31","modified_gmt":"2024-06-11T08:01:31","slug":"bitcoin-falls-below-42000-short-term-holders-rush-to-cash-in","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-falls-below-42000-short-term-holders-rush-to-cash-in\/","title":{"rendered":"Market Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In"},"content":{"rendered":"

Bitcoin is currently witnessing a decline in price, with its value dropping below the $42,000 mark. This movement comes on the heels of a significant uptick in the circulating supply of profitable Bitcoin, prompting a wave of profit-taking<\/a> among investors.<\/p>\n

ETC Group’s Head of Research, Andr\u00e9 Dragosch, highlights<\/a> this trend, noting an increase in Bitcoin being moved to exchanges for potential sale. Dragosch noted, citing data from Glassnode:<\/p>\n

Overall exchange balances for bitcoin have clearly picked up, implying a net inflow of coins to exchanges over the past week. More specifically, around +14k BTC have flown into exchanges on a net basis according to data provided by Glassnode. This will likely exert some downside pressure on prices in the short term.<\/p><\/blockquote>\n

Bitcoin Short-Term Holders Drive Selling Pressure<\/h2>\n

According to the ETC Group, the current market scenario<\/a> presents a landscape where a substantial portion of Bitcoin and Ethereum addresses are profitable. Data from the firm indicates that 88.3% of BTC addresses and 77.6% of ETH addresses are currently profitable, figures hovering near the highest for the year.<\/p>\n

Related Reading: The Bitcoin Spot ETF Boom: VanEck Forecasts $2.4 Billion Inflows In Q1 2024<\/a><\/div>\n

This environment of a high percentage of BTC and ETH addresses being in a state of profit has seemingly encouraged a segment of investors, particularly those with a short-term investment perspective, to capitalize on their gains, as indicated by the ETC Group’s analysis.<\/p>\n

The ETC group further revealed that these short-term investors, defined as those who have held Bitcoin for less than 155 days, have been transferring their profitable assets<\/a> to exchanges at a rate not seen since July of this year.<\/p>\n

This surge in selling pressure is attributed to a key factor restraining the Bitcoin rally as the market adjusts to the increased availability of the cryptocurrency.<\/p>\n

Further illustrating the market’s reaction, the past week marked the first instance of “net outflows” from crypto asset exchange-traded products (ETPs) since early October.<\/p>\n

The total amount of these outflows was approximately $18.2 million, with Bitcoin ETPs experiencing the majority of these withdrawals, totaling $13.1 million. In contrast, Ethereum ETPs saw a “net inflow” of $5.8 million, suggesting a diverging investor interest<\/a> between the two leading crypto.<\/p>\n

Market Impact And Trader Liquidations<\/h2>\n

The recent decline in Bitcoin’s price from its previous high of around $44,000 has impacted investor sentiment and resulted in significant trader liquidations. According to data<\/a> from Coinglass, over the last 24 hours, there have been 115,873 trader liquidations, culminating in roughly $424.67 million in total liquidations.<\/p>\n

Bitcoin has led these liquidations, with $105.51 million in long liquidations and $14.95 million in short liquidations. Ethereum follows closely, accounting for $78.53 million in long and $7.41 million in short liquidations.<\/p>\n

Related Reading: Holding For Gold: Micheal Saylor\u2019s Poll Unveils Bitcoin Enthusiasts Aiming For $1 Million Mark<\/a><\/div>\n

It is worth noting that these liquidations and the fluctuating market dynamics underscore the division of trader’s fate in the crypto market<\/a>. While some investors seize the opportunity to realize profits, others face the challenges of rapid market shifts.<\/p>\n

\"Bitcoin
Bitcoin (BTC) price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is currently witnessing a decline in price, with its value dropping below the $42,000 mark. This movement comes on the heels of a significant uptick in the circulating supply of profitable Bitcoin, prompting a wave of profit-taking among investors. ETC Group’s Head of Research, Andr\u00e9 Dragosch, highlights this trend, noting an increase in Bitcoin being moved to exchanges for potential sale. Dragosch noted, citing data from Glassnode: Overall exchange balances for bitcoin have clearly picked up, implying a net inflow of coins to exchanges over the past week. More specifically, around +14k BTC have flown into exchanges on a net basis according to data provided by Glassnode. This will likely exert some downside pressure on prices in the short term. Bitcoin Short-Term Holders Drive Selling Pressure According to the ETC Group, the current market scenario presents a landscape where a substantial portion of Bitcoin and Ethereum addresses are profitable. Data from the firm indicates that 88.3% of BTC addresses and 77.6% of ETH addresses are currently profitable, figures hovering near the highest for the year. Related Reading: The Bitcoin Spot ETF Boom: VanEck Forecasts $2.4 Billion Inflows In Q1 2024 This environment of a high percentage of BTC and ETH addresses being in a state of profit has seemingly encouraged a segment of investors, particularly those with a short-term investment perspective, to capitalize on their gains, as indicated by the ETC Group’s analysis. The ETC group further revealed that these short-term investors, defined as those who have held Bitcoin for less than 155 days, have been transferring their profitable assets to exchanges at a rate not seen since July of this year. This surge in selling pressure is attributed to a key factor restraining the Bitcoin rally as the market adjusts to the increased availability of the cryptocurrency. Further illustrating the market’s reaction, the past week marked the first instance of “net outflows” from crypto asset exchange-traded products (ETPs) since early October. The total amount of these outflows was approximately $18.2 million, with Bitcoin ETPs experiencing the majority of these withdrawals, totaling $13.1 million. In contrast, Ethereum ETPs saw a “net inflow” of $5.8 million, suggesting a diverging investor interest between the two leading crypto. Market Impact And Trader Liquidations The recent decline in Bitcoin’s price from its previous high of around $44,000 has impacted investor sentiment and resulted in significant trader liquidations. According to data from Coinglass, over the last 24 hours, there have been 115,873 trader liquidations, culminating in roughly $424.67 million in total liquidations. Bitcoin has led these liquidations, with $105.51 million in long liquidations and $14.95 million in short liquidations. Ethereum follows closely, accounting for $78.53 million in long and $7.41 million in short liquidations. Related Reading: Holding For Gold: Micheal Saylor\u2019s Poll Unveils Bitcoin Enthusiasts Aiming For $1 Million Mark It is worth noting that these liquidations and the fluctuating market dynamics underscore the division of trader’s fate in the crypto market. While some investors seize the opportunity to realize profits, others face the challenges of rapid market shifts. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":558480,"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":[428,1119,78790,6664,85578,8323,1946],"class_list":["post-564902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-liquidations","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\nMarket Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In<\/title>\n<meta name=\"description\" content=\"Bitcoin is currently witnessing a decline in price, with its value dropping below the $42,000 mark. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Market Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In","description":"Bitcoin is currently witnessing a decline in price, with its value dropping below the $42,000 mark. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Market Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In","url":"http:\/\/ktsl888.com\/news\/bitcoin-falls-below-42000-short-term-holders-rush-to-cash-in\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-falls-below-42000-short-term-holders-rush-to-cash-in\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?fit=900%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","crypto","crypto liquidations","eth","ethereum"],"dateCreated":"2023-12-12T01:00:02Z","datePublished":"2023-12-12T01:00:02Z","dateModified":"2024-06-11T08:01:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Market Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-falls-below-42000-short-term-holders-rush-to-cash-in\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-falls-below-42000-short-term-holders-rush-to-cash-in\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-Price-Tide.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-Price-Tide.jpg?fit=900%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"crypto\",\"crypto liquidations\",\"eth\",\"ethereum\"],\"dateCreated\":\"2023-12-12T01:00:02Z\",\"datePublished\":\"2023-12-12T01:00:02Z\",\"dateModified\":\"2024-06-11T08:01:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?fit=900%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/564902"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=564902"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/564902\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/558480"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=564902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=564902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=564902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}