Bitcoin drops to around $63,000, with long-term holders’ loss-driven selling accounting for over 65% of exchange inflows
ChainCatcher reports that Bitcoin's price on Friday was around $63,020, declining 1.7% during the day and 50% lower than the record high of $126,080 set in October. On Wednesday, Bitcoin failed to hold $65,000, dropping to $62,640 intraday and breaking below the $64,500 Put Wall related to this week's options expiry.
Glassnode data shows that more than 65% of the Bitcoin flowing into exchanges comes from long-term holders selling at a loss. The institution stated that this reading is consistent with the early bearish market stage, during which this group dominated the selling side until the selling pressure was gradually depleted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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