Short-term downside risks exist, but long-term holders are not worried | Crypto Daily News Summary Aug. 24

Bitcoin experienced a significant drop last week, and the current price is holding at around $26,000.

According to a recent report by Galaxy Research, $25,000 is a key level as it has served as both technical support and resistance since May 2022, and also acted as a support level during last Thursday's flash crash. This level is also prominent from the perspective of Bitcoin supply, with 22% of Bitcoin supply trading within the price range of $25,300 to $31,575.

Bitcoin held by short-term holders is currently at a loss, lower than the price at the last on-chain transfer, reaching the highest level since January.

Long-term holders have been accumulating since March. The proportion of Bitcoin supply that has not been transferred for over 3 years has reached a new historical high, exceeding 40%. Long-term holders continue to accumulate and hold for longer periods.

Nearly 90% of short-term held Bitcoin on-chain is at a loss, posing additional downside risk if the price does not recover quickly. However, long-term holders seem unconcerned, as they and smaller holding addresses continue to accumulate Bitcoin.

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Source: TokenInsight Gainers and losers

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