Over $ 2 billion worth of Bitcoin was transferred to exchanges last day, while the BTC price fell below $ 70,000.
Leading crypto Bitcoin led to panic sales among short-term investors on Thursday, 31 October. BTC investors started to transfer their assets to crypto exchanges. The transaction was evaluated as a loss sale.
According to on-chain metrics, investors holding BTC for less than 155 days started selling as BTC approached an all-time high.
The over 4 per cent drop in BTC accelerated the outflow of money in altcoins. Many altcoins retreated to potential support points with panic selling.
Bitcoin faces panic sales
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.
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Short-term investors have sent a total of more than $6 billion worth of BTC to exchanges in the last three days. Short-term investors’ realisation of their earnings and their cautious approach brought the crypto decline. Although analysts report that the recent decline in the crypto market is a correction, an environment of trust has not yet formed.
CoinDesk emphasised that short-term investors sell on market dips. The investor mass in question increases the risk appetite at the beginning of the upturn.
According to the data, a total of 54 thousand BTC was transferred to central exchanges on 31 October.This amount was recorded as the highest Bitcoin flow since 27 March. Investors sold 22 thousand of the BTC they sent to exchanges profitably. The following statements were made in CoinDesk’s news;
‘Although the Bitcoin price has gained 11 per cent last month, short-term investors continue to sell for profit.’
The presidential elections to be held in the US on 5 November are dragging the crypto market into uncertainty. The crypto sector expects a bull run if Donald Trump wins, while Kamala Harris’s win will mean ‘apocalypse’.
Translated with DeepL.com (free version)
