Odaily News According to data released by Cauê Oliveira, head of research and on-chain analyst at BlockTrends, novice investors are capitulating, increasing selling pressure. Approximately $2.4 billion worth of Bitcoin (held for 3 to 6 months) was transferred during the price drop. This selling pressure came from entities that bought Bitcoin at the beginning of the year, perhaps investors who wanted to speculate through ETFs and halving. Although these entities can be classified as "long-term" holders, they behave more like short-term investors because they entered the market at the beginning of the year. On the other hand, entities that have held for more than a year have not yet shown a significant selling pattern, indicating that true long-term holders are still holding coins.