Yonsei_dent2024-01-04

<BTC fluctuated due to ETF news, but HODLers did not move>

Yesterday, January 3rd, the market swung wildly as negative news about the BTC spot ETF came out. BTC, which hit a high of $45k, plummeted to $40k and is currently hovering around $43k. How did investors react after this news and change? Let’s take a look at the SOAB: Spent Output Age Bands USD indicator. 1) STH: 1D-6M - 🟡The 1W-1M cohort spent close to $1 billion. These are investors who bought in the $40.2~44.7k range and appear to have exited the market at Breakeven before their losses increased. - 🟢1M-3M cohort also spent approximately $550 million. These are investors who bought in the $26-42k range and seem to have realized profits considering the volatility of the market. - 🔵Surprisingly, the movement of the 3M-6M cohort was not that big. 2) LTH: 6M-5Y - It is observed that investors who bought in the first half of 2023, equivalent to 6M-12M, sold $7.6 billion worth of BTC. It appears that profits were realized out of concern that the market decline would continue. 📌 There was no significant movement in the 1Y~5Y cohort. Yesterday's price action did not seem to have made much of an impression on investors who endured the 2019-2022 cycle.