On the other hand, looking at the structure of Bitcoin’s long and short-term holders, BlockTrends Research Director and on-chain analyst Cauê Oliveira stated that novice investors are in trouble and losing money. During the downturn, approximately 2.4 billion dollars’ worth of Bitcoin (purchased within the last 3 to 6 months) was sold as prices fell. This selling pressure came from individuals or organizations that bought Bitcoin at the beginning of the year, who may have wanted to speculate on events like the Bitcoin spot ETF and the Bitcoin halving, but now may only be able to exit reluctantly. They might be classified as “long-term holders,” but their actual behavior is more akin to that of short-term investors, as they entered the market at the beginning of the year (at relatively high points). On the other hand, individuals or organizations holding for over a year have not made more sales, indicating that the true long-term holders continue to HODL.
