Short term Bitcoin holders just unloaded 29,400 BTC at a loss on exchanges, sparking fresh concerns about market pressure as the cryptocurrency hovers near a critical support level.
Source: X/@JA_Martun
The selloff comes on the back of increased distribution from long-term holders, who sold roughly 815,000 BTC in the past month, the highest level since 2024. January, and overall market conditions remain critical, with Bitcoin testing its 365-day moving average at $102,000.
Despite the worrisome headlines, analysts are urging investors to remain optimistic.
Glassnode data reveals that long-term holders’ profits have increased from around 12,500 BTC daily in early July to 26,500 BTC per day currently, indicating normal bull market behavior rather than a coordinated exodus.
Source: X/@glassnode
Recent stories claiming “OG Whales Dumping” or describing “Bitcoin’s Silent IPO” have sparked debate across the cryptocurrency market.
However, Glassnode’s analysis of the chain shows that long-term holders are profiting just as much during this cycle as they were in previous bull runs.
At the end of August, profits for sophisticated investors rose to an all-time high, to a level exactly matching the previous peak of the cycle.
Source: X/@glassnode
Even excluding whale wallets that are seven years old or older and spending more than 1,000 BTC per hour, the data tells a consistent story.
These high costs have been incurred in every major bull phase; however, what stands out now is a frequency that appears more regular and even, suggesting a steady, gradual distribution rather than a sudden, coordinated selloff.
Meanwhile, bitcoin holders on November 7 earned 3.0 billion
Net realized losses are virtually non-existent, indicating that holders have not given up, a necessary condition for a price bottom, according to CryptoQuant’s analysis.
Bitcoin is currently hovering around its 365-day moving average of $102,000, a key level of technical and psychological support that has acted as the biggest support throughout this bull cycle.
Ki Young Ju, CEO of CryptoQuant, pointed out that investors who entered Bitcoin six to twelve months ago have almost $94,000.
“Personally, I don’t think the bear cycle will be confirmed unless we lose that level,” – said Ju.I’d rather wait than jump to conclusions.“