Bitcoin Long-Term Holders Sell 400,000 BTC in 30 Days
Recent data indicates that long-term holders (LTHs) of Bitcoin are increasingly selling their positions. Analyst Burak Kesmeci highlights this trend via the Long-Term Holder Net Position Change metric, showing a net sell-off of approximately 400,000 BTC over the past 30 days.
LTH Distribution Shift
- A negative Long-Term Holder Net Position Change suggests LTHs are in a distribution phase.
- This continued sell-side momentum could impact Bitcoin's price negatively.
- If LTHs reduce selling, Bitcoin may find a local price bottom, signaling renewed interest.
LTH Supply Reduction
- Crypto analyst Darkfost notes a 2.2% drop in LTH supply in October, considered modest compared to previous months.
- March 2024 saw a 5.05% reduction, and December experienced a 5.2% decline.
- The current distribution might be due to early profit-taking, potentially leading to a price rebound.
Monitoring the LTH net position trend is crucial, as a shift towards neutral readings may indicate an accumulation phase and potential price increase. Currently, BTC is valued at approximately $110,750, with little change in the past 24 hours.
