Analysis: BTC Long-Term Holders Sell at a Loss for the First Time Since October 2023, Market Turns Risk-Averse Ahead of Fed Meeting

Odaily News Currently, traders are focusing on this week's Federal Reserve meeting, where interest rates are expected to remain unchanged, but guidance from Fed Chair Jerome Powell will be crucial. The recent decline in Bitcoin may be due to concerns over the strength of the Japanese yen and fiscal instability. However, a divergence has emerged between cryptocurrencies and traditional safe-haven assets, with funds not flowing into Bitcoin but instead pouring into gold, pushing gold prices above $5,000 per ounce for the first time. Regarding this, Greg Cipolaro, Head of Research at NYDIG, stated that during periods of heightened uncertainty, liquidity preference dominates, a dynamic that impacts Bitcoin more than gold. Meanwhile, CryptoQuant noted in a previous report that Bitcoin long-term holders have begun selling at a loss for the first time since October 2023. (CoinDesk)