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Analyst Axel Adler Jr. said Bitcoin short-term holders, defined as those holding for six months or less, moved a total of 549,300 BTC to exchanges between Aug. 19 and Sept. 10, citing data dated Aug. 19 in local time.
Over the same period, BTC rose about 21% from $64,000 to $78,000, Adler added. After later reaching a short-term peak of $81,800, BTC underwent a roughly 4.1% correction, but has continued to hold most of its earlier gains. He said the large-scale exchange transfers by short-term holders could point to growing potential selling pressure, although deposits to exchanges do not in themselves mean actual selling. Recent data also shows active movement of short-term holder holdings, according to Adler.