Bitcoin is once again demonstrating how differently short-term and long-term investors behave during a downturn. While some newer holders are sending their BTC to exchanges at a loss, accumulation addresses are reporting record inflows of coins.
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Short-term holders are losing patience
Signs of nervousness are growing in the Bitcoin market among investors who purchased BTC in recent months. The realized market cap indicator for short-term holders has dropped to its lowest level since October 2024, suggesting that many newer investors are currently below their average purchase price.
The pressure is confirmed by on-chain data. In a single day, nearly 50,000 BTC held at a loss arrived at cryptocurrency exchanges, with Binance alone receiving approximately 9,500 BTC. Such movements often indicate that part of the market is beginning to capitulate and would rather realize a loss than continue waiting for a reversal.
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Long-term investors are buying, but macro factors aren’t helping the market
While short-term holders are selling, long-term investors are behaving in the opposite way. The inflow of bitcoins to accumulation addresses reached a record 181,000 BTC, suggesting that part of the market views the current correction as an opportunity for further purchases. This contrast between the panic of newer investors and the accumulation by long-term players is typical for Bitcoin during periods of increased volatility.
The market’s direction could be significantly influenced by macroeconomics and institutional demand. The negative Coinbase Premium Index suggests weaker activity from professional investors, while higher inflation in the US reduces the chances of rapid interest rate cuts. Attention is also turning to Strategy, which ranks among the largest corporate Bitcoin holders and faces more challenging conditions in financing further purchases.
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