TechFlow News, December 27 — Blockchain analytics firm Glassnode believes that new investors are often the first group tested by price weakness, and as market volatility intensifies, they enter a "game of musical chairs." In the days following the all-time high in November and after the liquidation wave on December 4, it has been common to see $50 million to $100 million in daily on-chain realized losses, indicating that these BTC sellers must have bought near the peak prices. Compared to short-term holders, long-term holders remain largely on the sidelines. In late October, as prices surged to record highs, profits and losses among short-term holders spiked sharply. Bitcoin buyers from August and September suddenly found their gains exceeding 60%, forcing the market to pull back to accommodate profit-taking sellers. Although BTC's downward momentum has now slowed, short-term holders are still collectively in a loss position. Given suppressed selling pressure from long-term holders, a significant shakeout is inevitably occurring within the short-term holder cohort.
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