– Should you follow these long-term holders and sell?

price has been hovering at the $70,000 mark for quite some time. Due to the stagnancy of BTC’s price, many addresses have been contemplating selling their holdings.Recent data indicated a massive trend of significant movement among long-term holders , with approximately 90,000 Bitcoin transferred over the past few weeks. These transfers predominantly involve wallets likely owned by individual users, rather than exchanges or other intermediary platforms.

Additionally, a large influx of BTC onto exchanges from long-term holders could exert downward pressure on prices due to increased selling pressure.Furthermore, the Sharpe Ratio experienced a significant increase. For context, the Sharpe Ratio is a measure of risk-adjusted returns. It can potentially impact Bitcoin negatively if it indicates an excessively high level of risk relative to returns.

This heightened perception of risk may lead to reduced investor confidence and a subsequent decrease in demand for Bitcoin, ultimately putting downward pressure on its price.Despite this, traders continued to remain bullish around BTC. This was indicated by the rising number of long positions taken by traders.

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