A report from Glassnode states that short-term investors were the most active sellers earlier this week. In this group, researchers include individuals who purchased the cryptocurrency less than 155 days ago.
Over the past two days, a total of short-term investors have sent about $4 billion worth of BTC to exchanges for further sale.
Analysts believe that speculators did not take any risks and waited for BTC to jump above $44,000. At the same time, bitcoin failed to break the resistance at $45,000.
After that, speculators moved to selling the cryptocurrency, which provoked its fall to almost $40,000. The entry to the exchanges was divided into two stages.
Initially, $1.93 billion worth of bitcoins were sent to trading floors. Short-term investors then transferred another $2.08 billion worth of digital currency to exchanges.
The increase in the number of bitcoins on exchanges was pointed out the day before by Santiment. It found out that the supply of digital currency on trading platforms has been growing over the past few days.
Such behavior of investors hinted at their preparation for the reset, which took place last Monday, analysts stressed.