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Short-term Bitcoin holders sent more than 36,600 BTC to exchanges over the past 24 hours as BTC fell toward $76,000 and tested support, a sign the market may be nearing a bottom, according to on-chain analyst Darkfost.
Darkfost said exchange transfers from short-term holders whose positions had fallen into loss exceeded 36,600 BTC during the period. Inflows to Binance were also notable after the exchange faced negative fallout from a $6.3 billion hot wallet hack, with cumulative inflows over the past seven days reaching 45,400 BTC, the highest level in October. Darkfost said the sharp rise in loss-making BTC moving to exchanges suggests short-term investors are nearing their psychological limit in the recent volatile market.
Darkfost added that, historically, large-scale capitulation by short-term holders has signaled that a correction is approaching an extreme bottom zone, and said short-term momentum could rebound after distressed selling is absorbed.