Analyst: Short-term investors transferred 83,000 BTC to exchanges within two days, possibly signaling a short-term bottom

ChainCatcher news, according to CoinDesk, analyst Van Straten cited Glassnode data showing that in the past two days, short-term holders who have held their coins for less than 155 days transferred approximately 83,000 bitcoins to centralized exchanges at a loss, worth about $7.8 billion, setting a new historical high.

Van Straten pointed out that when short-term holders transfer more than $2 billion worth of bitcoins to exchanges at a loss, it usually indicates the formation of a local bottom. The data shows that currently about 678,000 bitcoins are in a state of loss. The current price of bitcoin is only down 7% from its historical high, with only investors who bought in the past week being in a state of loss.