$2.4 Billion Worth Of Bitcoin Exit The Network As Bear Market Bites

The Bitcoin market is experiencing a wave of uncertainty as a recent analysis by CryptoQuant reveals a significant shift in investor behavior. Roughly $2.4 billion worth of Bitcoin, likely acquired by investors this year, has moved within the network, sparking debate about the reasons behind the exodus.

Short-Term Jitters Drive Sell-Off

Experts believe these outflows are driven by short-term investors who made a foray into the market in early 2023. Back then, anticipation surrounding Bitcoin Exchange-Traded Funds (ETFs) and the mining reward halving – an event expected to reduce supply and potentially boost prices – fueled a buying spree. However, the current bear market seems to have dampened their enthusiasm, leading them to cut their losses.

Beginner investors are capitulating and increasing selling pressure

“Approximately $2.4 billion worth of #Bitcoin aged between 3 and 6 months moved on the network during the drop.” – By @caueconomy

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