Glassnode said profitable short-term holders had been a source of pressure on Bitcoin. In a post on X, the on-chain analytics firm referred to its observation from two weeks ago that the amount of Bitcoin sent to exchanges by short-term holders while in profit had climbed to the highest level seen in a year. According to Glassnode, that wave of exchange inflows was followed by selling pressure that continued to weigh on price. The firm now says the same inflow metric has retreated to its annual average, indicating that near-term selling pressure from this group has eased. The update focuses specifically on short-term holders who were sitting on gains and moving coins to exchanges, a pattern often watched for signs of potential distribution. No additional price figures or exchange-level breakdowns were provided in the post.
Glassnode said profitable short-term holders had previously put pressure on Bitcoin.
Two weeks ago, the firm said the amount of Bitcoin sent to exchanges by short-term holders while in profit had reached the highest level in a year. It added that selling pressure continued to affect price after that.
Glassnode now says the inflow has fallen back to the annual average, suggesting short-term selling pressure has eased.
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