Bitcoin saw a significant dip over the weekend, with BTC dropping from $70,090 on April 11 to $64,400 on April 13. Despite the initial fears of a broader conflict in the Middle East developing and a potential market downturn beginning, Bitcoin’s price managed to stabilize at around $66,000 as of April 15.
To understand the nature of these fluctuations — whether they indicate a mere short-term correction or signal a more significant shift — it is crucial to examine the behaviors of different market participants, particularly short-term and long-term holders.
Short-term holders (STHs) and long-term holders (LTHs) react differently to market volatility. STHs are typically more reactive to price changes and external events, tending to sell off their holdings during market dips. In contrast, LTHs generally maintain their positions through volatility, reflecting a commitment to Bitcoin’s long-term value.
One of the best metrics that assesses the immediate market reactions is the spe
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