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Bitcoin Today 12/20/2024: BTC changes hands and deepens losses
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Anyone waiting for a strong correction to buy Bitcoin (BTC) got this “gift” this Friday morning (20). With down 7.2%, BTC experienced its biggest correction since Novembergoing from US$102 thousand to the region of US$94,000.
This movement continued the correction seen on Thursday (19), which liquidated more than US$400 million in leverage in the market. In the Top 10, the Dogecoin (DOGE) fell sharply by 20% and Ethereum (ETH) fell to $3,200, a loss of 13% in the last 24 hours.
The value destruction was even greater in the Top 100, with virtually all currencies falling hard. Only stablecoins performed positively throughout the morning, while FTM fell 23.9% and recorded the biggest drop of the day.
On the ETH side, the strong liquidation reached US$ 292 millionjust below the US$294 million recorded by Bitcoin. As a result of this drop, traders are now eyeing the $2,800 region, support that could trigger massive declines in the cryptocurrency‘s price.
Bitcoin held by “lettucers”
In the case of Bitcoin, the main cause of the devaluation occurred because of a change in offer positioningwhich is now mainly in the hands of short-term holders.
The changing hands of the Bitcoin circulating supply is reflected in the indicator Total Supply Held by Short-Term Holders. This indicator measures the total amount of Bitcoin that is in the hands of short-term investors.
According to Fernando Pereira, an analyst at Bitget, “long-term holders” are those who acquired their coins recently, usually within a period of 155 days. In other words, they are investors who have not yet completed a year in the market. These investors began to dominate purchases in 2024, as reported by Todaysgist.
On the one hand, the increase in STH is a good sign, as it indicates that demand for BTC remains high among people who have never purchased before. But this group of investors tends to be more sensitive to price changes and therefore selling Bitcoin when the price drops.
According to Pereira, 2024 registered the highest level of BTC supply in the hands of short-term investorssince 2021. There are almost 4 million BTC in the hands of these investors, a number lower than the 4.5 million seen in January 2021.
Bitcoin Today 12/20/2024: BTC changes hands and deepens losses
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Bitcoin Today 12/20/2024: BTC changes hands and deepens losses
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Bitcoin Today 12/20/2024: BTC changes hands and deepens losses
