CoinDesk·3 min read·hard
Two Groups of bitcoin Investors sell on the rise as U.S. inflation lifts prices to nearly $65,000
O
Omkar Godbole
✦AI Summary
Bitcoin prices have risen to nearly $65,000 following softer-than-expected U.S. inflation data. However, both long-term and short-term investors are selling into the rally, signaling potential market exhaustion.
The first are long-term holders, which Glassnode defines as addresses/wallets that tend to hold for at least five months. Long-term holders, who bought near highs last year, are capitulating, or using the bounce to sell their coins at a loss rather than holding through deeper drawdowns. This signifies a lack of confidence in the sustainability of the latest BTC price rise.
economycryptobusiness
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