Short-term Bitcoin holders transferred about $2.3 billion worth of Bitcoin to trading platforms yesterday

BlockBeats news, November 1, according to CoinDesk, short-term Bitcoin holders transferred about $2.3 billion worth of Bitcoin to trading platforms yesterday, the highest record since the yen carry trade was closed on August 5. Analyst Van Straten said that Bitcoin's decline on Thursday triggered panic selling by short-term holders.

This panic sell-off is the worst since the yen carry trade was closed on August 5. Short-term holders (investors who hold Bitcoin for less than 155 days) tend to panic and sell when prices fall, and buy when the market is greedy. On Thursday, a total of more than 54,000 BTC were transferred to the trading platform, the highest amount since March 27.

In the past three days, short-term holders have sent more than $6 billion worth of Bitcoin to trading platforms to make profits and lock in gains at the end of the month.