Rewards Hub Bitcoin's recent decline to $85,000 was primarily driven by short-term holders (STHs) taking profits, according to on-chain analysis from CryptoQuant. On December 15, STHs transferred 24,700 BTC to exchanges, with 86.8% of these transactions realized in profit. The following day, inflows decreased significantly to 3,900 BTC, indicating minimal loss-driven selling.
Long-term holder inflows remained low, suggesting that the market's cooling is due to profit-taking rather than a loss of long-term conviction. This data highlights that the recent dip is not indicative of a structural breakdown in Bitcoin's market dynamics.
Short-Term Holders Trigger Bitcoin's Dip to $85,000
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