Who sold the most BTC in the aftermath of the FTX collapse? 10yr holders sell at highest ever rate Who sold the most BTC in the aftermath of the FTX collapse? 10yr holders sell at highest ever rate

Who sold the most BTC in the aftermath of the FTX collapse? 10yr holders sell at highest ever rate

with insights from Glassnode

Confidence is shook, aggressive selling pressure but who is selling, long-term or short-term Bitcoin holders?

Who sold the most BTC in the aftermath of the FTX collapse? 10yr holders sell at highest ever rate

Cover art/illustration via CryptoSlate

Aside from wiping out billions from the global market cap, the collapse of FTX also wiped out the confidence of even the most convinced Bitcoin holders.

The market saw aggressive selling pressure last week, pushing Bitcoin’s price down to as low as $15,500.

bitcoin price november 2022
Graph showing Bitcoin’s price in November 2022 (Source: CryptoSlate BTC)

CryptoSlate looked at the changes in Bitcoin ownership among short-term holders (STH) and long-term holders (LTH) to see where the selling pressure was coming from.

Historically, short-term holders are the first to sell their coins when the market turns red. However, the ongoing volatility hasn’t affected STHs much as previous market turmoils. Data from Glassnode shows that the FTX fallout saw only the fifth-largest number of STH sellers since March 2021. Around 400,000 BTC belonging to STHs were sold between Nov. 10 and Nov. 17.

bitcoin sold short term holders
Graph showing Bitcoin spot trading volume generated by short-term holders from March 2021 to November 2022 (Source: Glassnode)

The ongoing market crisis hasn’t shaken the confidence of long-term holders.

Those holding their coins longer than six months sold under 100,000 BTC in the past week, data analyzed by CryptoSlate showed. This is significantly smaller than the selling pressure caused by Russia’s invasion of Ukraine in February and Luna’s collapse in June.

bitcoin sold lth
Graph showing Bitcoin spot trading volume generated by long-term holders from March 2021 to November 2022 (Source: Glassnode)

The fact that most long-term holders remain unfazed by market volatility isn’t surprising. Holders in this group are statistically the least likely to sell their BTC and have long been creating the strongest resistance for its price.

However, what is surprising is that addresses that held Bitcoin for over ten years seem to be the ones the crisis affected the most. While the 3,600 BTC they sold over the past week fades compared to the spent volume generated by STHs, it’s still the most coins these ultra-long holders ever sold.

sold btc long term holders
Graph showing Bitcoin spot trading volume generated by addresses that held Bitcoin for longer than ten years (Source: Glassnode)

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 1.19% over the past 24 hours. BTC has a market capitalization of $317.6 billion with a 24-hour trading volume of $32.69 billion. Learn more ›

Bitcoin

17 Nov at 10:30 am UTC

$16,533.36

-1.19%

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Market summary

At the time of press, the global cryptocurrency market is valued at at $825.56 billion with a 24-hour volume of $58.06 billion. Bitcoin dominance is currently at 38.49%. Learn more ›

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