Data analytics firm Glassnode reports a significant shift in Bitcoin trading activity. A specific group of investors is driving a surge in Bitcoin sales, leading to increased sell pressure on the market.
Mid-Term Holders Rake in Millions
The firm found that Bitcoin holders who’ve owned their coins for six to twelve months are responsible for a massive $904 million in realized profits on a single day. This is the second-highest daily profit for this group this year, and represents 83% of all realized profits that day. This activity marks a change from previous trends where long-term holders were the primary sellers. Interestingly, this same group of mid-term holders also made a similar $904 million profit back in June.
Long-Term Holders Taking a Break
In contrast to the activity of the mid-term holders, long-term Bitcoin holders (those holding for over 12 months) are significantly reducing their selling. Glassnode reports that this group only realized $324 million in profits, a considerable drop from previous weeks and months. This suggests a shift in market dynamics, with newer investors now being the main drivers of sell pressure.
The Bottom Line
The current market situation shows a clear change in selling behavior. While long-term holders are becoming less active, investors who bought Bitcoin six to twelve months ago are cashing in big, creating noticeable downward pressure on Bitcoin’s price. It’s important to remember that this is just an observation of market trends, and not financial advice.
