Many long-term Bitcoiners are selling up, such as early arbitrage trader Owen Gunden, who shifted the last of his 11,000 Bitcoin to an exchange.
Long-term Bitcoin holders could be selling their holdings to shift into exchange-traded funds (ETFs) and to diversify their crypto portfolios, says Dr. Martin Hiesboeck, the head of research at cloud-based financial service platform Uphold.
“There are several reasons why OG crypto holders are selling,” Hiesboeck said on Sunday. “Number one is to buy them back in the form of ETFs, which offer incredible tax advantages with current rules, especially in the US.”
Early Bitcoin (BTC) arbitrage trader Owen Gunden was among the latest to shift his 11,000 Bitcoin holdings to an exchange, with a final transfer of 3,549 coins on Sunday, according to Lookonchain.
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