Bitcoin price decline driven by LTHs selling 1M BTC since September, says analyst

James Van Straten, a senior analyst at the crypto-focused media outlet CoinDesk, explained in an article that the recent decline in Bitcoin's price is due to selling pressure from long-term holders (LTHs), defined as those who have held BTC for at least 155 days. LTHs have significantly reduced their holdings, decreasing from 14.2 million BTC in mid-September to 13.2 million BTC, with nearly 70,000 BTC sold on Dec. 19 alone. Meanwhile, short-term holders (STHs) have accumulated approximately 1.3 million BTC, purchasing from LTHs and others. This shift, where LTHs are selling more than STHs are buying, has contributed to the price drop to around $94,500. Additionally, around 200,000 BTC has been withdrawn from exchanges in recent months, with a circulating supply of 19.8 million BTC. These dynamics are crucial for monitoring Bitcoin's price in the next few days, said Straten.