Prolonged Bitcoin Holders have intensified their liquidation in recent weeks and added to bearish pressure on the market.
On Friday, these so -called patient holders relieved 97,000 BTC (nearly $ 3 billion)There is the largest single-day long-term owner sale of the year, which accounts for most of the recent increase in spending activity, according to the Blockchain Analytics company Glassnode.
The 14-day moving average of coins used by long-term owners has jumped to nearly 25,000 BTC, the highest since January.
Glassnode defines long -term holders like those with a story of owning coins for over 155 days.
Bitcoin’s price fell by over 3.7% to $ 108,000 on Friday and continued to fall to $ 107,400 early Monday. From the time of writing, Cryptocurrency was trading for $ 103,330, still down 16% from its record height of $ 124,429, according to Coindesk data.
Note that profit is still remarkably slower than the spikes observed at the end of 2024.
What drives profit?
Long -term holders, including wallets that have been sleeping for years, have consistently sold since Bitcoin broke over $ 100,000 early this year. An explanation of this profit setting may be rooted in investor psychology.
Think about it this way: How many assets in world trade to $ 100,000 per year. Piece? Maybe very few that you can quickly trust your fingers. Therefore, it is logical for investors to feel that $ 100,000 per year. BTC is too expensive, causing them to make a profit.
It also means that the market is likely to take time to adapt to $ 100,000 as the new normal for BTC. We could continue to see a wide range trade around the six -digit price tag for some time, so investors can acclimatize themselves to this elevated valuation.
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