Bitcoin's price tumbled roughly 19% over the past week, briefly dipping below $60,000, while a wave of selling from short-term holders sent over 60,200 BTC to exchanges in a single day. According to on-chain data, more than 59,000 of those coins were sold at a loss — the largest such loss event for that cohort since February. The sell-off comes as Bitcoin's average monthly transaction count climbs to about 640,000, nearing the September 2024 record of 666,000.
The scale of the capitulation
Short-term holders — wallets that have held Bitcoin for less than six months — moved more than 60,200 BTC to exchange wallets within a 24-hour window. Of that amount, over 59,000 BTC changed hands at a loss, marking the most severe realized loss event for this group in about four months. The previous peak for short-term holder losses came in February, when a similar wave swept through the market after a sharp correction.
The timing is notable: these holders are usually the most reactive to price swings, and their willingness to sell at a loss suggests a degree of panic or forced deleveraging. Whether that selling exhausts itself or attracts buyers remains an open question.
Transaction activity nears a record
Despite the price weakness, Bitcoin's network has been busier than almost any time in its history. Average monthly transaction counts now sit at roughly 640,000, just 4% below the all-time high set in September 2024. The trend suggests real usage of the blockchain continues to grow, even when speculative sentiment turns south.
That split — rising on-chain activity alongside falling prices — can be a signal that longer-term holders are moving coins for reasons other than simple profit-taking. But for now, the price action remains driven by the short-term crowd.
Price action and what comes next
The 19% weekly decline pushed Bitcoin below the psychologically important $60,000 level. The drop accelerated after the initial batch of exchange inflows, feeding a cycle of more selling. As of this week, the market is watching whether the short-term holder supply continues to flow to exchanges or if the pace slows.
With the record transaction count from last September still in sight, network activity alone isn't enough to reverse price trends. The next concrete milestone to watch is whether the short-term holder loss event eases, or if a second wave materializes.
