Opinion: The current Bitcoin sell-off is led by short-term holders, with over 85% of on-chain volume coming from new buyers

BlockBeats News, August 1st, Glassnode posted that in the past 24 hours, the majority of Bitcoin (BTC) on-chain spending came from Short-Term Holders (STH). The on-chain spending for Short-Term Holders (STH) was $18.24 billion (85.5%); for Long-Term Holders (LTH) it was $3.1 billion (14.5%); with a total spending amount of $21.34 billion.

This indicates that this round of selling was mainly driven by recent buyers rather than long-term investors.

Note: Spending refers to the total amount of Bitcoin moved or used on the blockchain during a certain period, rather than simply "selling" or "transaction volume."