Bitcoin Long-Term Holders Liquidate 97,000 BTC in Major Sell-Off
Long-term bitcoin holders have increased liquidations, contributing to bearish market conditions. Recently, they sold 97,000 BTC (about $3 billion) in one day, the largest sell-off of the year, according to Glassnode. The 14-day moving average of coins spent by long-term holders reached nearly 25,000 BTC, the highest since January.
Bitcoin's price fell over 3.7% to $108,000 on Friday and further declined to $107,400 early Monday. Currently, it trades at $103,330, down 16% from its peak of $124,429.
Reasons for Profit-Taking
- Long-term holders, including dormant wallets, began selling after BTC surpassed $100,000.
- Investor psychology may drive the perception that $100,000 per BTC is excessively high, prompting profit-taking.
- The market may require time to adjust to $100,000 as a new baseline for BTC, potentially leading to range trading around this price level.
