CryptoQuant: The recent decline in Bitcoin is mainly due to selling pressure from entities that purchased at the beginning of the year

ChainCatcher news, according to CryptoQuant data, approximately $2.4 billion worth of Bitcoin with a holding period of 3-6 months has been transferred during this decline. Analyst Cauê Oliveira pointed out that this represents selling pressure from some entities that purchased at the beginning of the year. "Speculators betting on Bitcoin ETFs and halving expectations may be getting washed out."

On the other hand, entities holding for over a year have not shown more significant selling patterns, indicating that true long-term holders are still holding onto their Bitcoin.