Long-term Bitcoin holders have sold nearly 550,000 BTC, representing about 4% of their holdings, driven by rising prices and profit-taking. A record $10.5 billion in profit was realized on one day, marking one of the largest profit-taking events in history. Despite a recent drop of 7.6% in Bitcoin's price—peaking just below $100,000—this sell-off appears to fall in line with historical patterns of profit-taking during bull markets. Long-term holders, defined as those who have held Bitcoin for over 155 days, typically sell during periods of market euphoria. Their sales have been observed to follow declining percentages in each cycle: 25.3% in 2017, 13.4% in 2021, and 6.51% earlier in 2024, now recorded at 3.85%. If this trend continues, approximately 163,000 BTC could be sold, lowering the supply held by this cohort to 13.54 million BTC.

Source 🔗