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Recent market turbulence saw Bitcoin’s price take a nosedive to just below $50K, but instead of panic selling, long-term holders barely flinched. Data reveals that these steadfast participants only cashed out about $600,000.&nbsp; 
The largest movements weren’t from these seasoned investors but rather from the newest members of the Bitcoin community.&nbsp; 
Coins that were less than a week old saw the most action, with over $5.2 billion shifted around in just an hour during the peak of the sell-off. 
This <a href="https://cryptoquant.com/insights/quicktake/66b0e2d10b1339737dcf68ee-Bitcoin-crash-makes-short-term-investors-sell-in-panic" rel="nofollow noopener" target="_blank">frenzy</a> was largely driven by short-term investors offloading their holdings, trying to cut their losses as Bitcoin’s value slipped. 
<h3 id="strong-newcomers-feel-the-heat-strong">Newcomers feel the heat</h3> 
It’s evident that the newcomers are feeling the pressure. Those holding Bitcoin for less than three months were the main players during this downturn, in a rush to escape what they perceived as a sinking ship.&nbsp; 
But like I said, this behavior contrasts sharply with long-term holders. Further compounding the market’s volatility, recent global financial news has been anything but reassuring. 
<img loading="lazy" decoding="async" class="alignnone" src="https://img.cryptoquant.com/342335/quicktake/6ezajfFF_2bf17adccd752fed76b0048a980ae1aebefed352ec65d334ff0d6bb5d84d0430.png" alt="Bitcoin long-term holders only sold $600K when it tumbled to $49K" width="1280" height="720"> 
The Japanese stock market just faced a brutal sell-off, its worst since the 2011 tsunami, thanks to a surprise interest rate hike by the Bank of Japan. Over in the US, Wall Street wasn’t left out of the downturn either.&nbsp; 
A disappointing jobs report sent stocks tumbling down, with the SPX and Bitcoin continuing their correlated dance, hinting at more possible troubles ahead for the cryptocurrency if equities continue to slide. 
<h3 id="b-election-year-surge-and-investor-reactions-b">Election year surge and investor reactions</h3> 
Interestingly, historical data from Bitfinex analysts suggest that Bitcoin might see a turnaround soon, especially with the US election cycle in play.&nbsp; 
Traditionally, Bitcoin has enjoyed a 19% bump between August and November during election years. Despite the current challenges, this pattern offers a glimmer of hope for an uptick in the coming months. 
<img loading="lazy" decoding="async" class="alignnone wp-image-564878 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-06_22-38-38.png" alt="Bitcoin long-term holders only sold $600K when it tumbled to $49K" width="2108" height="862" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-06_22-38-38.png 2108w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-06_22-38-38-300x123.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-06_22-38-38-1200x491.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-06_22-38-38-768x314.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-06_22-38-38-1536x628.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-06_22-38-38-2048x837.png 2048w" sizes="(max-width: 2108px) 100vw, 2108px"> 
But it’s not all smooth sailing. The ETF sphere saw about 3,000 BTC being dumped by investors, adding more pressure to the market.&nbsp;Bitcoin’s resilience is being tested once again as it weathers such major geopolitical and economic conflicts.&nbsp; 
With a backdrop of a potentially favorable election-year trend, the next few months will determine whether Bitcoin can reclaim its higher valuation or if the bearish pressures will continue to dominate.

Bitcoin long-term holders only sold $600K when it tumbled to $49K

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