One group of Bitcoin investors has sold over $36.4 billion in BTC in just a few weeks, according to a well-known crypto analyst.

Trader Ali Martinez shared with his 70,100 followers on X that short-term holders (STHs) have offloaded 642,366 BTC since mid-August.

He pointed out, “While many want to be diamond hands and hold on, short-term holders really impact Bitcoin’s price. When they buy, BTC usually goes up. But when they sell, the market feels it.”

However, another analyst, known as Checkmate, believes that these coins are simply transitioning into long-term holdings, rather than being sold off. Short-term holders are typically those who have held their coins for less than 155 days.

Martinez also mentioned that Bitcoin miners sold 2,655 BTC, worth around $150 million, over the weekend.

On a brighter note, he noticed a spike in the Bitcoin Taker Buy/Sell Ratio on the crypto exchange HTX.

“This shows a surge in aggressive buying – a sign of upward momentum ahead!” he said.

The Bitcoin Taker Buy/Sell Ratio measures the buy volume compared to the sell volume in perpetual swap trades, according to the analytics firm CryptoQuant.

As of now, Bitcoin is priced at $56,676, which is nearly a 4.50% decline in the past day.