Bitcoin’s recent price rally towards $100,000 has spurred some major selling activity. According to crypto analytics firm Glassnode, long-term Bitcoin holders have offloaded over 500,000 BTC.
Long-Term Holders Take Profits
Glassnode’s analysis shows that long-term holders (LTHs) reached their peak Bitcoin holdings in September. Since then, they’ve sold off a significant chunk of their stash, around 507,000 BTC. While substantial, this is less than the 934,000 BTC sold during the rally to the previous all-time high in March 2024.
Despite the selling, LTHs are making a killing. Glassnode reports they’re currently realizing a record-breaking $2.02 billion in daily profit, surpassing even the March peak.
Market Implications
This massive profit-taking by LTHs is a key factor in price discovery. As the bull market continues, their activity will become increasingly important to watch. The market needs strong demand to absorb this influx of Bitcoin, and a period of re-accumulation might be necessary.
Current Market Conditions
At the time of writing, Bitcoin is trading at around $96,303, up over 3% in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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