Analyst: Short-term holders transferred nearly $8 billion worth of BTC to CEX in the past two days, which may represent a short-term bottom for the market

Glassnode data shows that in the past two days, short-term holders, or those who have held Bitcoin for less than 155 days, sent 83,000 BTC (worth about $7.8 billion) to CEX at a loss price. This is the highest number ever recorded, and analysts believe that when this group of people tend to send $2 billion or more worth of tokens to the trading platform, it usually marks that the market has bottomed out in the short term. Currently, Bitcoin is trading only 7% down from its all-time high, and investors who bought in the past week are the only entities that will lose money. (Coindesk)