TechFlow news, October 6 — According to Cointelegraph, the latest research report from cryptocurrency analytics platform CryptoQuant indicates Bitcoin may be facing potential selling pressure. The dollar value of long-term holders' (LTH) Bitcoin exposure has declined by several billion dollars. The LTH realized cap—defined as entities holding Bitcoin for more than 155 days—has dropped significantly from $19 billion to $12 billion, a decrease of $7 billion.
Amr Taha, analyst at CryptoQuant, stated this suggests long-term holders may be taking profits or closing positions. In contrast, the behavior of short-term holders (STH)—entities holding Bitcoin for 155 days or less—is markedly different. The STH realized cap has risen from negative $17 billion to negative $11 billion, an increase of $6 billion, indicating they may be taking on more risk or increasing their buying positions.
The report also found that the realized price of Bitcoin moved within the past 1 day to 1 week—considered the "hottest" portion of Bitcoin supply—is closely correlated with Bitcoin's spot price. At the time of the report, the 1-day-to-1-week realized price stood at $62,080, nearly identical to Bitcoin's current spot price. Taha noted that repeated interactions between price and realized price over a relatively short period suggest traders are closely watching this level. He warned that these price rejections could indicate weakening momentum after attempts to sustain prices above the realized price, potentially leading to a short-term correction.
