In the face of a recent sell-off in the crypto market triggered by concerns over the SEC\u2019s potential rejection of Spot Bitcoin ETFs, Bitcoin\u2019s long-term holders, appear unfazed. Yonsei Dent, a prominent crypto trader and verified author at CryptoQuant provided a unique perspective on the market dynamics, revealing intriguing insights into how both short-term and long-term investors reacted to the recent ETF-related news.<\/p>\n
Bitcoin Long-Term Holders Maintain Position Despite Market Volatility<\/h2>\n
Prominent crypto trader Yonsei Dent analyzed the BTC market upheaval on January 3rd, triggered by negative news on the spot Bitcoin ETF<\/a>. Despite the price plunge from $45,000 to $40,000, current levels stabilize around $43,000.<\/p>\n <\/p>\n Meanwhile, the analysis, shared<\/a> by CryptoQuant on the X platform, delves into investor behavior using the SOAB (Spent Output Age Bands) and USD indicators. Notably, short-term holders (STH) in the 1 day-6 month range spent nearly $1 billion, while exiting near Breakeven, the analysis showed.<\/p>\n On the other hand, the 1 month-3 month cohort, who bought BTC at the range of $26,000-$42,000, consumed approximately $550 million, realizing profits amid volatility. However, the 3M-6M cohort showed minimal movement.<\/p>\n Surprisingly, the analysis showed that the long-time holders (LTH)<\/a> in the 6M-12M range sold $7.6 billion, anticipating a stronger market decline. In contrast, the 1 year-5 year group displayed little reaction, indicating resilience among investors \u201cwho endured the 2019-2022 cycle\u201d.<\/p>\n <\/p>\n Also Read: Terra Luna Classic Proposal To Burn 8 Million USTC Officially Rejected<\/a><\/strong><\/p>\n <\/p>\n The crypto market has witnessed a hefty selloff<\/a> on January 3, amid hovering market uncertainties. Meanwhile, almost all the major cryptos have experienced significant declines, reflecting the downturn momentum witnessed in the market yesterday.<\/p>\n Meanwhile, adding to the crypto community\u2019s concerns, Matrixport\u2019s forecast<\/a> on Bitcoin\u2019s price and the SEC\u2019s potential rejection of Spot Bitcoin ETFs has created ripples. The prediction anticipates a rejection of all Spot Bitcoin ETF applications in January, possibly leading to a sharp decline in Bitcoin\u2019s value to as low as $36,000.<\/p>\n Simultaneously, this forecast has fueled anxiety, contributing to a significant liquidation of over $700 million in the crypto market over the last 24-hour time frame yesterday, with almost $500 million liquidated in just one hour.<\/p>\n Also Read: Crypto Enthusiasts Fire Back At IRS\u2019s Controversial $10K Reporting Rule<\/a><\/strong><\/p>\nThe Recent Crypto Market Sell-off<\/h2>\n
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