Long-term Bitcoin holders have stepped up selling in recent weeks, applying renewed downward pressure to the market. On Friday, wallets Glassnode classifies as long-term — coins held for more than 155 days — moved 97,000 BTC (nearly $3 billion), the largest single-day long-term holder sell-off so far this year.
The 14-day moving average of coins spent by long-term holders has jumped to nearly 25,000 BTC, the highest level since January. Glassnode’s on-chain metrics show this uptick accounts for most of the recent increase in spending activity.
Bitcoin’s price reacted, sliding more than 3.7% to around $108,000 on Friday and trading near $103,330 at the time of reporting — roughly 16% below its record high of $124,429, according to CoinDesk price data.
That said, Glassnode notes the current pace of profit-taking remains slower than the intense sell-offs seen in late 2024, so the market is not necessarily repeating prior capitulation events.
Why holders are selling: some wallets that were dormant for years are cashing out after BTC crossed and held the six-figure threshold earlier this year. From a behavioral standpoint, many investors prefer to lock in gains when an asset hits a round, headline-grabbing price like $100,000.
Implications: increased long-term holder spending can create short-term selling pressure and wider trading ranges around six figures. Over the medium term, whether this selling becomes persistent will depend on fresh inflows, institutional demand and macro catalysts such as U.S. jobs data and central bank policy.
Risk considerations: crypto markets remain volatile. On-chain signals like long-term holder spends are useful indicators but not definitive predictors. Consider this information for context—not as investment advice.
On-chain context: the 14-day moving average rising to roughly 25,000 BTC points to a sustained rotation of coins that had been parked for months. That released supply can widen bid-ask spreads on exchanges and weigh on price if buyer demand doesn’t keep pace. Market participants will watch exchange inflows, large wallet transfers and futures positioning for signs of whether the current selling is one-off profit-taking or the start of a more persistent distribution.
Source: CoinDesk. Read the original coverage for full details.
