Bitcoin faces significant pressure from long-term holders. According to CoinDesk, investors sold up to 97,000 BTC in a single day, marking the largest one-day sell-off of the year. In dollar terms, this amounts to roughly $3 billion, and the move caused immediate downward pressure on the price.

Long-term holders sell BTC

Analytical firm Glassnode reports that the 14-day moving average of coins sold by long-term holders rose to 25,000 BTC, the highest level since January. Glassnode defines a “long-term holder” as someone who has owned Bitcoin for more than 155 days.

The Bitcoin price fell more than 3.7% to $108,000 following the massive sell-off and continued down to $107,400. Currently, it trades at approximately $110,700, still 11% below the all-time high of $124,500.

Current BTC price development

According to TradingView data, Bitcoin currently trades at $110,700, representing roughly an 11.10% correction from its all-time high. However, this is only a minor drop that does not alter the long-term upward trend. On the contrary, experts emphasize that we are witnessing the most stable growth cycle in Bitcoin’s history, which confirms its strength.

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Bitcoin and investor psychology

One of the main reasons for this sell-off is investor psychology. When Bitcoin surpassed the $100,000 mark, many holders began to view this level as “too high.” The reaction is natural – few assets in the world trade for over $100,000 per unit, so some investors see an opportunity to realize profits.

Such behavior is typical at new price milestones. The market often needs time to adjust to the “new normal.” In Bitcoin’s case, trading around the $100,000 mark may continue for some time until investor confidence stabilizes.

As a result, according to Glassnode data, long-term holdings have been decreasing since early July. From a previous high of 14.73 million coins, the volume dropped to 14.48 million. This means long-term investors have sold approximately 250,000 BTC in just two months, creating market pressure. For reference, the total supply of coins is currently around 19.91 million.

In conclusion, although sell-offs by long-term holders have caused short-term pressure, they also indicate a maturing market that is learning to operate at six-figure price levels.

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