Through this recent dump to below $20k, we just had the highest level of long-term holder capitulation since the FTX collapse.

After some euphoric upwards movements earlier this year of Bitcoin, followed by some boring weeks of nearly no price movements we are now, not-so unexpectedly, taking the elevator down again. While doing so we quickly dropped below the crucial support-areas of $22k and even $20k and also some indicators, like the Supertrend, flashed red again.

Obviously one class that is often affected by such drops are simply the buyers and while we may thing that long-term holders should not sell, in reality long-term holders do sell occasionally. As those are long-term holders sales, they can be a great evidence of how brutal or unexpected a move is.

Chart from glassnode and James V.Straten

This graph here shows the selling of long-term holders, specifically we are looking at the amount of BTC being deposited to exchanges from other wallets. Very high possibility that those are sells.

Now we have just hit a new high of long-term holder selling due to the Silverbank and SBV collapse. This selling is at about 12k BTC right now per day, meaning about $240M of long-term holders BTC has been panic-sold. We should be happy to be the remaining long-term holders.

submitted by /u/partymsl
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