Short term holders offload $3.76B as BTC’s price falls below $70K

Bitcoin (BTC) short-term holders (STHs)—wallets holding BTC for up to 155 days—offloaded 54,352 BTC ($3.76 billion) on Oct. 31, marking the largest single-day sell-off since April, according to Glassnode data cited by Cointelegraph. This substantial outflow followed BTC's dip below $70,000 after nearing all-time highs. Cointelegraph noted that the move was likely driven by shrinking profit margins, as Glassnode’s spent output profit ratio (SOPR) dropped from nearly 1.04 on Oct. 29 to below 1.01, signaling diminishing profitability for STHs. Notably, CoinGlass's exchange order book liquidity data points to $68,000 as a key potential support level for BTC.