Bitcoin is experiencing a sell-off among long-term holders (LTHs) as prices near $100,000, which poses risks if institutional buying doesn't counteract this trend. Recent data from Glassnode indicates a significant increase in BTC sales by LTHs, with a net position decrease of 245,000 BTC reported as of November 20. Analysts argue that sustained inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) are crucial to offsetting the sell pressure from LTHs. Despite recent ETFs seeing approximately $770 million in net inflows, this may not be sufficient to counteract the selling trend. The market shows that Bitcoin holders are sitting on substantial unrealized profits, potentially leading to increased profit-taking. The MVRV metric indicates that investors are now holding significant profits, adding to the likelihood of further selling activity. Historical trends suggest that prolonged periods of 'overheated' metrics can occur, depending on market inflows that can absorb sell-side pressure.

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