Bitcoin's drop below $70,000 triggers panic selling among short-term holders

ChainCatcher news, according to CoinDesk, Bitcoin fell below $70,000 on Thursday, triggering panic selling among short-term holders (STH). On that day, short-term holders transferred approximately $2.3 billion worth of Bitcoin (about 32,000 BTC) to exchanges while at a loss, marking the largest single-day loss transfer since the yen arbitrage trades were closed on August 5. Meanwhile, over the past three days, short-term holders have transferred more than $6 billion worth of Bitcoin to exchanges to cash out some profits.

Analysts point out that the U.S. presidential election will be held on November 5, and investors are likely to reduce their risk exposure, which they often do on the last day of the month.