Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’

cointelegraph.com:

Bitcoin (BTC) short-term holders are feeling the need to sell BTC at $30,000, data shows.

In research released on June 28, on-chain analytics firm Glassnode flagged tens of thousands of coins being sent to exchanges.

BTC price action stalling at $30,000 is prompting a rethink when it comes to buyers who have turned a profit this month.

In particular, short-term holders (STHs) — those entities hodling funds for 155 days or less — are becoming increasingly keen sellers.

Monitoring inflows to exchange wallets, Glassnode revealed a clear spike in funds being put up for trade originating from STHs, which correspond to Bitcoin’s more speculative investor cohorts.

“The recent elation in Bitcoin price action has enticed an increase in Short-Term Holder interaction with exchanges,” it commented.

An accompanying chart makes a distinction between current inflows and those seen during the 2022 bear market.

STHs, it shows, are more inclined to sell en masse during periods of BTC price suppression to limit losses. Profit-taking, on the other hand — as seen now and in March, when BTC/USD first returned to the $30,000 mark — has resulted in overall lower exchange volumes.

The figures indicate that speculative interest in Bitcoin remains fickle and highly sensitive to even smaller price movements.

Related: Bitcoin price clings to $30K as Fed’s Powell stresses more rate hikes

Nonetheless, STHs have become an important market force in 2023.

As Glassnode and Cointelegraph previously noted, their aggregate cost basis — around $26,500 earlier this month — has remained intact as a support level.

Meanwhile, on-chain analysis has predicted that should BTC price upside return, the urge to take profit could quickly become overpowering.

Historical data has