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Bitcoin’s high-conviction holders are turning into sellers as the crypto’s price hits new lows
Bitcoin’s highest-conviction holders have joined the sell-off in the cryptocurrency, which could signal the beginning of the end of the ongoing crypto slump, according to Compass Point. Long-term holders — defined as those who have held onto their coins for at least 155 days, or about five months — were largely inactive from February to April but have turned into sellers in recent weeks, Compass Point analyst Ed Engel said in a note Tuesday. In the past two days they’ve sold about $2.4 billion in bitcoin, “which has large implications on BTC’s supply/demand balances,” Engel said. He also highlighted ... (full story)
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