Mt. Gox exchange’s bankruptcy administration began transferring tens of thousands of Bitcoins to other wallets, bringing years of memorable declines in the cryptocurrency world. The largest cryptocurrency fell below $54,000 and the market capitalization of the entire crypto ecosystem fell to $2 trillion.

“Those who entered the market at the beginning of the year…”

Caue Oliveira, an analyst at on-chain tracking platform CryptoQuant, claimed that the declines were mostly made by new investors:

“We see BTCs worth about $2.4 billion and bought in a 3 to 6-month period moving in these declines. These may be touted as long-term investors, but their actions are not. They act like short-term investors. It is seen that they entered the market at the beginning of the year.”

“No sale for those holding more than 1 year”

Continuing his comments, Oliveira said that he thinks these people are buying under the spell of Bitcoin spot ETFs in the US and also touched on the long-term investor:

“In the investor group that has been holding Bitcoin for more than 1 year, there is no hard selling situation. It is possible to say that they withstand declines better. We do not see this in short-termers.”

“Miners are the best sellers”

On the other hand, another CryptoQuant analyst, Joao Wedson, said that Bitcoin miners also made big sales in 2023 and 2024 and that they also had an impact on the course of the market.

“The best sellers in 2023-2024 were Bitcoin miners. They broke a record. They sent $166 billion to the exchanges and withdrew only $48 billion. Especially as 2024 approached, their sales increased. This affected volatility,” he said.