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⚡STH Selloff Surpasses 21,000 BTC🪝

Croxroad

11 Sep 2024 — 5 min read

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Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

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⭕ Massive Bitcoin Selloff

Over the past month, Bitcoin speculators have unloaded more than 21,000 BTC, marking one of the largest sell-offs in recent history. According to on-chain analytics platform CryptoQuant, the 30-day net position of short-term holders (STHs) has decreased by 21,600 BTC as of September 8. The sell-off, which reflects growing market volatility and a loss of confidence among newer investors, has led to significant capital flowing into the hands of long-term holders (LTHs). These "diamond hands" have taken advantage of the market downturn, accumulating BTC at levels not seen since mid-2021.

As short-term holders exit the market, the long-term cohort has stepped in, accumulating approximately 22,000 BTC over the same 30-day period. This counterbalancing action by LTHs mirrors the STH drawdown, signalling a shift in market dynamics. CryptoQuant data suggests that while short-term selling pressure may drive down Bitcoin’s price in the near term, the increasing accumulation by LTHs could lead to future price stabilisation and potentially set the stage for a market rebound.

This trend is significant as it highlights a capital transfer from "weak hands" to "strong hands," reinforcing market stability. Despite short-term downward pressure, the growing LTH presence suggests resilience and a long-term bullish outlook. As STHs continue to hold less than 18% of Bitcoin's available supply, their influence on price fluctuations may diminish, with LTHs playing a more prominent role in the market's future trajectory.

🏦 Institutional Demand Grows

Standard Chartered has launched a digital asset custody service in the United Arab Emirates (UAE), licensed by the Dubai Financial Services Authority (DFSA). This new service focuses on providing secure storage for digital assets, starting with Bitcoin and Ethereum, and marks a significant step in the bank’s digital asset strategy. The launch took place within the Dubai International Financial Centre (DIFC), a global financial hub, and follows a memorandum of understanding (MoU) signed in May 2023. Brevan Howard Digital is the first client to use this service, which highlights the growing institutional demand for secure, regulated digital asset solutions.

The service is designed to meet the regulatory, risk, and security needs of institutions, which have become increasingly important as digital assets continue to gain traction. Standard Chartered’s Group Chief Executive, Bill Winters, emphasised that digital assets are a fundamental shift in finance, not a passing trend. Margaret Harwood-Jones, Global Head of Financing & Securities Services, noted that the launch demonstrates rising institutional interest in digital assets and addresses the need for regulated custody solutions. The bank’s entry into the UAE digital asset market aligns with the region’s balanced approach to financial regulation and digital asset adoption.

Brevan Howard Digital’s CEO, Gautam Sharma, expressed confidence in Standard Chartered’s reputation as a trusted partner, stating that this move strengthens institutional adoption of digital assets in the UAE. Standard Chartered plans to expand its offering to include additional digital assets and aims to broaden its presence in other financial hubs. Harwood-Jones added that the service goes beyond traditional custody, integrating prudential standards that provide a comprehensive solution for institutional clients.

🇸🇻 Bitcoin as Legal Tender

Bitcoin is currently legal tender in two countries: El Salvador and the Central African Republic (CAR). El Salvador adopted Bitcoin in 2021, primarily to reduce remittance costs and lessen its reliance on the U.S. dollar. President Nayib Bukele saw Bitcoin as a way to enhance monetary independence and attract global entrepreneurs to the country. In May 2022, the Central African Republic followed suit, making Bitcoin legal tender alongside its CFA franc. CAR’s move aims to boost financial innovation and provide greater autonomy within the region's shared currency system.

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