Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows

Share This Post

The Bitcoin price is still recovering from a major dip to $60,000 in the first three days of October. As the bulls and long-term holders continue to capitalize on the dip, analysis of on-chain data has revealed that the selling pressure has been eased massively as the majority of short-term holders have exited the market. Interestingly, these short-term holders are accountable for the drop to $60,000, as the data shows many of them exiting the market during the initial decline, further exacerbating the price drop. 

Short-Term Holders Exit The Market

According to an analysis of Bitcoin holder cohorts using data from the CryptoQuant platform, the supply of Bitcoin held by short-term holders has declined substantially since the beginning of the month. Although this contributed to a Bitcoin price decline during this timeframe, it is not necessarily bad for the crypto moving forward. This notable decline is visible in purple bars in the chat below, with every period of price downturns highlighted by an increase in short-term holder selloffs. 

The Bitcoin price, which ended September around $65,000, kicked off October with a price dip amidst broader market tensions. This, in turn, led to a 7.5% Bitcoin price dip until it bottomed at $60,100. Notably, the chart highlights that this most recent decline to the $60,000 level coincided with the emergence of more purple bars, revealing that the selloff by short-term holders played a significant role in the price decline.

What Does This Mean For Bitcoin?

Moving forward, the selloff from short-term holders and the price decline has given rise to more accumulation by long-term holders. This, in turn, gives rise to the creation of a price floor around $60,000 in the coming weeks and months. It also marks the shift of more bitcoins to stronger hands who would rather hold than sell.

Notably, the exit of many short-term holders has given rise to a better average cost for the cohort. According to on-chain metrics revealed by a verified CryptoQuant analyst, the average cost of one to three-month holders is now around $61,633, and the average cost of three to six-month holders is around $64,459. 

At the time of writing, Bitcoin is trading at $62,130, which positions it right in the middle of these two key holder cohorts. According to analyst Burak Kesmeci, a decisive close above the $64,500 level would significantly strengthen the bullish momentum, giving both short and long-term holders more confidence to continue holding. On the other hand, if Bitcoin falls below $61,600, it could trigger a wave of additional selling pressure from more short-term holders, potentially leading to further price declines to revisit $60,000 again.

Bitcoin price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Adoption Booms in Singapore! 2025 Crypto Report Reveals Shocking Surge

The post XRP Adoption Booms in Singapore! 2025 Crypto Report Reveals Shocking Surge appeared first on Coinpedia Fintech News A new 2025 crypto report from Independent Reserve, Australia’s largest

Ethereum Net Flows Turn Negative As Bulls Push For $3,500

Ethereum net flows have been mostly negative for the last week, and a continuation of this suggests bullish momentum is building up for the price These figures show how much buying and selling

Biometric Data Security Under Scrutiny After Coinbase Suit; Expert Urges Modular Privacy

A class-action lawsuit against Coinbase has raised concerns about biometric data collection and storage practices by technology companies Nanak Nihal Khalsa argues argues that relying on immutable

Bitcoin Is Flowing Into American Platforms: Why This Is Bullish

On-chain data shows the US-based central entities have been increasing their Bitcoin share recently Here’s what this could mean for the asset Bitcoin US To The Rest Reserve Ratio Has Formed A

Why Solaxy and Pepeto Are the Fastest Growing Cryptocurrencies? What It Means for XRP Price and XRP News

The post Why Solaxy and Pepeto Are the Fastest Growing Cryptocurrencies What It Means for XRP Price and XRP News appeared first on Coinpedia Fintech News The Crypto Market Is Heating Up , And XRP Is

Pi Network Launches Perpetual Futures on Kraken with 20x Leverage for U.S. Traders

The post Pi Network Launches Perpetual Futures on Kraken with 20x Leverage for US Traders appeared first on Coinpedia Fintech News Kraken has just launched the first-ever perpetual futures for Pi