CryptoQuant: The main selling pressure of this decline came from real investors at the beginning of the year

According to CryptoQuant data, approximately $2.4 billion worth of Bitcoin with a holding period of 3-6 months was moved during the decline. Analyst Cauê Oliveira noted that this represents selling pressure on some entities that bought at the beginning of the year. “Perhaps speculators targeting Bitcoin ETFs and halving expectations are being purged.” On the other hand, entities older than a year have yet to adopt a more significant selling pattern, suggesting that true long-term holders are still holding onto Bitcoin.