Bitcoin (BTC) speculators panic sold as the BTC price corrected toward $40,000, the latest on-chain data suggests.

Figures from on-chain analytics firm Glassnode show short-term holders (STHs) offloading more than $2 billion in BTC on Dec. 12 alone.

Bitcoin short-term holders set 18-month selling record

Bitcoin saw its biggest single-day drop of 2023 this week — one which at one point totaled 8.1%, data from Cointelegraph Markets Pro and TradingView confirms.

BTC/USD 1-week chart. Source: TradingView

Reacting, the more speculative subsection of the Bitcoin investor base followed in step, reducing their exposure in what appears to be a bout of cold feet on the market outlook.

Glassnode…

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