BEARISH 📉 : Long-term Bitcoin holders sell $2.4B as spot ETF assets fall to $82.83B
Long-term Bitcoin holders sold about $2.4B in two days. Price is down 12% this week as spot ETF net assets fell to $82.83B from $107.8B according to SoSoValue.
Selling pressure follows an October all-time high above $126,000. CNBC reports the two-day wave came from “high-conviction” holders, defined as those holding ≥155 days, with 26% of 30‑day selling from buyers above $90,000 CNBC.
Weak US jobs data added to risk-off flows. A February revision showing a 92,000 job loss triggered programmatic selling across high-beta assets, with Bitcoin taking heavier outflows than equities CNBC.
Source: SoSoValue crypto spot ETF flows
What on-chain shows now:
- Long-term holders turned net sellers after a quiet Feb–Apr. “Large implications on BTC’s supply/demand balances,” said Compass Point’s Ed Engel CNBC.
- LTH-SOPR dropped below 1.0. Long-term holders are realizing losses on spent coins CNBC.
- Whale balances are shrinking while “dolphin” growth weakens, per CryptoQuant’s latest readout CryptoQuant on X.
- Glassnode-based research estimates 39–43% of supply is underwater. About 11.1M BTC in profit versus 8.9M in loss Glassnode Research.
Engel frames the pattern: “Top-buyer capitulation is a very common theme in late-cycle bear markets. This makes us more confident that BTC’s bear market is in the late stages” CNBC.