TechFlow news, November 1 — According to CoinDesk, Glassnode data shows that Bitcoin's price dropped below the $70,000 mark yesterday, triggering a large-scale asset movement among short-term holders. On that day, approximately 32,000 BTC (about $2.3 billion) were transferred into exchanges at a loss, marking the highest level since the liquidation of yen carry trades on August 5, 2024.
Specific data indicates that short-term holders transferred over 54,000 BTC to exchanges in total on that day—the highest since March 27. Of this amount, 22,000 BTC were moved at a profit. Over the past three days, short-term holders with holding periods under 155 days have transferred more than $6 billion worth of profitable Bitcoin to exchanges.
Analyst Van Straten noted that this wave of selling was driven by multiple factors: first, the U.S. presidential election scheduled for November 5 has prompted investors to reduce risk exposure; second, end-of-month risk aversion typically rises; and third, the collective decline of the "Magnificent Seven" tech giants in U.S. equities erased nearly $1 trillion in market value.
Despite increased short-term volatility, Bitcoin remains on a strong trajectory, posting an 11% gain in October and currently trading only about 6% below its all-time high.
