A report from Glassnode noted that earlier this week, the most active sellers were investors holding Bitcoin for less than 155 days.
Over the past two days, a total of about $4 billion worth of BTC has been sent to exchanges for further sale by short-term investors.
Analysts believe that speculators did not take risks, but waited until BTC jumped above $44,000. At the same time, Bitcoin was unable to break the resistance at $45,000.
After this, speculators began selling the cryptocurrency, which provoked its fall to almost $40,000. The supply to the exchanges was divided into two stages.
Initially, $1.93 billion worth of bitcoins were sent to trading platforms. Short-term investors then transferred another $2.08 billion worth of digital currency to exchanges.
The Santiment company indicated the increase in the number of bitcoins on exchanges the day before. She found that the supply of digital currency on trading platforms has been growing over the past few days.
This behavior of investors hinted at their preparation for a reset, which took place last Monday, analysts emphasized.
