Alphractal expresses concern over shifts in behavior among short-term Bitcoin holders. New data indicates increasing sales among investors holding coins for less than 155 days.
Alphractal's Analysis
Alphractal has focused on the 'Accumulation and STH Distribution' metric, which tracks Bitcoin inflow and outflow from addresses held by short-term investors. Daily changes in this metric indicate growing interest in selling.
Increased Selling Among Short-term Holders
According to Alphractal, the STH change supports the wave nature of accumulation and distribution, closely linked with Bitcoin's price movement. Since December 5, there has been a decrease in accumulation interest, putting pressure on the price.
Potential Implications for Bitcoin Price
While Alphractal advises against overreacting to the current changes, it notes that many investors are motivated to take profits at current price levels. This could hinder any short-term price appreciation.
If the trend of distribution continues and gains momentum, Bitcoin’s near-term prospects could be complicated. However, the metric might shift back to accumulation if market conditions improve.
