Bitcoin Update: Bitcoin Drops 7%, U.S. Holdings Fall by 17,468 BTC, Short-Term Holders Send 45.6K BTC to Exchanges
Photo: The Crypto Basic
Bitcoin falls 7% as U.S. government BTC transfers coincide with rising short-term holder selling, while $74.6K emerges as a key support benchmark. Bitcoin has fallen about 7% from its recent high as large U.S. government-linked transfers arrived at a time when traders were already sitting on sizable unrealized gains. CryptoQuant argues that the government activity acted as the trigger, while elevated profits and rising short-term holder selling left the market vulnerable to a deeper pullback. CryptoQuant’s tracked U.S. government wallet set has declined by 17,468 BTC since Oct. 6, worth about $1.44 billion at the respective transfer values.
Source: The Crypto Basic
