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Bitcoin Long-Term Holders Resist Selling as BTC Nears $70K

by Sham
May 29, 2024
in Crypto
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Bitcoin Long-Term Holders Resist Selling as BTC Nears $70K
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• Bitcoin long-term holders (LTHs) have not shown signs of mass distribution, even during the BTC price all-time highs.
• The selling pressure from older coins is barely half as intense as prior bull market tops.
• Despite being in profit by an average of 35 times, LTH wallets are not selling BTC at a rate that would make the current bull market unsustainable.

A new report shows that long-term Bitcoin holders are resisting the urge to take profits, even as prices hover near all-time highs. This suggests the bull market could have further room to run before mass selling kicks in.

JUST IN: Long-Term #Bitcoin Holders have an average profit of 3.5x but have yet to start selling, reports Glassnode

— BlockNews.com (@blocknewsdotcom) May 29, 2024

Bitcoin Investors Continue Holding Despite Being Deep In Profit

Despite being up an average of 35x, Bitcoin long-term holder (LTH) wallets are not selling at rates that would make the bull market unsustainable. As prices rise, sell pressure from long-term holders is expected to increase as well. However, even at the most recent $73,800 peak, LTH distribution was far below that seen at prior bull market tops.

LTH Sell Pressure Has Noticeably Decreased in Recent Months

During the last two bull markets, the LTH net distribution rate reached 836k-971k BTC/month. Currently, net selling peaked at 519k BTC/month in late March, with 20% of that from Grayscale ETF holders. Since the all-time high, sell pressure from long-term holders has noticeably contracted.

Long-Term Holders Are Starting to Re-Accumulate

After significant distribution into the $73k peak, long-term holders have started accumulating coins again for the first time since December 2021. This suggests confidence in higher prices going forward.

Conclusion

The data shows Bitcoin’s long-term investors are not cashing out yet despite sitting on sizable profits. This bullish behavior indicates the uptrend could continue as long-term holders are still accumulating coins in anticipation of new highs. However, sell pressure is likely to increase with higher prices, so the market will need to see renewed demand to sustain new all-time highs.

Tags: BitcoinBitcoin holdersBull MarketGrayscale ETF
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