Quick take
Amid Bitcoin’s Recent 12% price drop, data suggests that short-term holders – those who have held the digital assets for less than 155 days – showed relatively muted selling behavior compared to previous declines.
On May 1, around 26,000 BTC were sent at a loss by short-term holders, while the day before, around 31,000 BTC were similarly unloaded. Given the double-digit decline in Bitcoin's value, one might have expected more aggressive selling from this generally nervous cohort.
![Short-term holders at a loss on exchanges: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/05/STH.png)
Interestingly, when looking at previous sales from Bitcoin record level in March, a trend emerged: each successive drop in prices was accompanied by a reduction in selling pressure from short-term holders to the stock exchanges. This trend implies that this group is gradually becoming less responsive to price fluctuations and more likely to transition to long-term holders who have held Bitcoin for more than 155 days.
If this behavior persists, it could signal mature market dynamics, where short-term speculation gives way to more patient long-term investment strategies.