Short-Term Holders Dominate Bitcoin's Price Action Amid Fearful Market Sentiment

Bitcoin's price action remains uncertain as short-term holders continue to take profit. According to CryptoQuant data, the ratio of long-term holder spent output profit to short-term counterpart has declined significantly from 1.06 on May 18 to 0.915 at press time.

This decline suggests that short-term holders have realized and taken more profit than long-term holders over the period since they react quickly to sharp price changes.

Despite this, long-term holders have not been entirely absent from the market, with their involvement increasing within the ratio recently. This indicates they too have shaped the latest moves.