500,000 Bitcoin Sold by Long-Term Holders as BTC Rises Towards $100,000: Glassnode

According to data from crypto analytics firm Glassnode, long-term holders sold more than 500,000 Bitcoins during the recent BTC bull market.

The company notes in a new analysis that the cohort of long-term holders reached their maximum Bitcoin supply in September.

“Like all previous cycles, the cohort of long-term holders is taking advantage of inflowing liquidity and a strengthened demand side to resume distribution of held supply at scale.”

Long-term holders have sold 507,000 BTC since that peak, but Glassnode notes that this is a lower value than the 934,000 Bitcoin issued during the rally to the all-time high in March 2024.

However, according to the analytics firm, the cohort of long-term holders is making record gains.

“Long-term holders play a key role in the price discovery process as they are a dominant source of previously dormant supply returning to liquid circulation. As the bull market progresses, it becomes more cautious to assess the level of profit-taking in this cohort, as they tend to become more active as prices rise.

Long-term holders are currently making a huge realized profit of $2.02 billion per day, which is a new high and dwarfs the previous high set in March. To fully absorb this excess supply will require a robust demand side, which may require a period of new accumulation to fully digest.”

At the time of writing, Bitcoin is trading at $96,303. The highest-valued crypto asset by market cap is up more than 3% in the last 24 hours.

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