Short-Term Bitcoin Holders Offload 100,000 BTC Amid Market Weakness
Bitcoin (BTC) remains under pressure as it struggles to maintain a foothold above $80,000. The leading cryptocurrency is down 3% on the day, marking a 13% decline in the first quarter and sitting nearly 30% below its all-time high from January.
Blockchain analytics firm Glassnode reports that short-term holders—those who have held BTC for less than 155 days—have offloaded over 100,000 BTC (roughly $8 billion at current prices) since February. These investors, often driven by market sentiment, appear to be securing profits or cutting losses ahead of further potential downside.
BTC’s recent decline has also pushed it below its 200-day moving average, currently at $86,300—a key technical indicator used to assess long-term trends. The weakness isn’t limited to crypto markets; the S&P 500 has also dropped below its 200-day moving average, now hovering around 5,537 compared to the critical level of 5,738.
Market observers, including commercial litigator and Bitcoin advocate Joe Carlasare, suggest that failure to reclaim this level could signal more downside ahead. “The S&P 500 continues to struggle to reclaim the 200-day,” Carlasare wrote on X. “If we don’t see a strong rally soon, history suggests further losses could follow.”
As macroeconomic uncertainty lingers, traders remain cautious, with Bitcoin facing pressure from both technical and investor sentiment perspectives.
