According to a report from Glassnode, early this week, the most active sellers were short-term investors. This group typically includes individuals who have held Bitcoin for less than 155 days.
In the past two days, approximately $4 billion worth of BTC has been transferred to exchanges for further selling by these short-term investors.
Analysts suggest that these investors were not taking any risks, but rather waited for BTC to reach above $44,000 before selling.
However, with Bitcoin unable to break the $45,000 resistance, the speculators began selling, causing a drop in its price to almost $40,000.
The supply to exchanges occurred in two stages, with $1.93 billion worth of BTC initially sent, followed by another $2.08 billion worth later.
The company Santiment observed an increase in the number of bitcoins being held on exchanges the day before the price drop.
