Recent Bitcoin (BTC) investors who entered the market after the ETF launch are selling off their assets due to the sideways price movement. On Thursday, Bitcoin’s price dropped to $58,000, and blockchain data revealed that a significant portion of the recent sell-off came from investors who entered the market this year.

CryptoQuant reported that approximately $2.4 billion in Bitcoin, aged between three and six months, moved on the network during the price drop. This significant spike in activity showed that coins recently moved between wallets are more likely to be sold amid price volatility than those held for longer periods.

Many of these investors likely bought into the Bitcoin hype surrounding the spot ETFs launched in January. Market participants holding Bitcoin for over a year are not showing signs of active selling, indicating their greater resilience during the downturn.