Derived from The Crypto Basic, XWIN Research has identified that short-term holders (STHs) are primarily responsible for the ongoing Bitcoin (BTC) downtrend. The research firm noted that the Short-Term Holder Spent Output Profit Ratio (SOPR) dropped below 1 multiple times, indicating active loss-taking by STHs. Additionally, the Spent Output Age Bands showed that most of the sold volume came from coins held for less than three months. While long-term holders (LTHs) also increased selling, the firm emphasized that this behavior aligns with typical bull-market activity. XWIN Research further highlighted that marginal selling by STHs, especially during leveraged unwinding, intensified the recent sharp price drop. Despite the decline, the firm suggests the correction is part of a normal bull market cycle rather than a cycle end.
XWIN Research Attributes Bitcoin Downtrend to Short-Term Holder Activity
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