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Bitcoin short-term holders’ holdings have climbed to about 4.08 million BTC, the highest level since mid-June, according to an analysis by crypto analyst Axel Adler Jr.
Adler said short-term holders’ Bitcoin holdings were up about 422,000 BTC, or 12%, from July 29. Of that increase, about 154,000 BTC was added during the first two weeks of October, with another roughly 48,000 BTC added over the past week. Most new buyers appear to have purchased Bitcoin in the $82,000-$86,000 range, while the average entry price for short-term holders now stands at about $74,900. If Bitcoin falls below that level, selling pressure could intensify, Adler said.