Despite concerns that the SEC might reject Spot Bitcoin ETFs, Bitcoin’s long-term investors appear unaffected by the recent sell-off triggered by such news. CryptoQuant’s prominent writer Yonsei Dent shared insights into how both short-term and long-term investors positioned themselves following the ETF-related news.
Yonsei Dent analyzed the significant market volatility following negative news about Spot Bitcoin ETFs on January 3rd. Despite a price drop from $45,000 to $41,500, Bitcoin’s price nearly recovered to $44,000 at the time of writing.
CryptoQuant’s analysis on platform X, using SOAB (Spent Output Age Bands) and USD indicators, revealed that short-term investors (STH) who invested between 1 day and 6 months spent around $1 billion near the breakeven point.
Meanwhile, a group representing 1 to 3 months of investment, who bought BTC between $26,000 and $42,000, managed to profit amidst price fluctuations, earning approximately $550 million. The group with 3 to 6 months of investment showed minimal movement.
Surprisingly, long-term holders (LTH) with 6 to 12 months of BTC investment sold $7.6 billion worth during the downturn. However, the group representing 1 to 5 years showed little reaction, indicating a waiting period among investors who endured the 2019-2022 cycle.