While over 2 billion dollars of Bitcoin was transferred to exchanges the other day, the BTC price fell below 70 thousand dollars.
Leading crypto Bitcoin sparked panic selling among short-term investors on Thursday, October 31. BTC investors began to transfer their assets to crypto exchanges. The transaction in question was evaluated as a sale at a loss.
According to on-chain metrics, as BTC approached its all-time high, investors who had been holding BTC for less than 155 days began selling.
The more than 4 percent decline in BTC accelerated the outflow of money in altcoins. Many altcoins retreated to potential support points due to panic selling.
Bitcoin faces panic selling
The amount of BTC sent to exchanges has reached the highest level since the Japanese crisis in August. Short-term investors transferred $2.3 billion worth of BTC to exchanges at a loss on Thursday alone.
Short-term investors sent a total of more than $6 billion worth of BTC to the exchanges in the last three days. Short-term investors’ realization of their gains and cautious approaches brought about the crypto decline. Although analysts report that the recent decline in the crypto market is a correction, an atmosphere of confidence has not yet been established.
CoinDesk highlighted that short-term investors sell on market declines. The investor group in question increases their risk appetite during the period when the rises begin.
According to the data, a total of 54 thousand BTC was transferred to central exchanges on October 31. This amount was recorded as the highest Bitcoin flow since March 27. Investors profitably sold 22 thousand BTCs they sent to the exchanges. The following statements were included in CoinDesk’s news:
“ Even though the price of Bitcoin gained 11 percent in the past month, short-term investors continue to sell to take profits.“
The presidential elections to be held in the USA on November 5th drag the crypto market into uncertainty. While the crypto industry expects a bull run if Donald Trump wins, it thinks that Kamala Harris’s win would mean “apocalypse”.
