Price analysis 5/31: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, ICP, BCH
Cointelegraph
Published May 31, 2021 01:32PM ET
Updated May 31, 2021 05:00PM ET
Bitcoin’s (BTC) massive drop in May 2021 is among its worst monthly performances, according to data from Bybt. The decline has divided the crypto community, with long-term investors considering the fall as a buying opportunity while short-term traders are dumping their positions out of fear.
Glassnode data suggests that long-term HODLers and miners are using the current weakness to accumulate Bitcoin. This transfer of Bitcoin from weaker hands to stronger hands is a positive sign because long-term investors are unlikely to panic and dump their holdings on every bear market correction.
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Written By: Cointelegraph
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