500,000 Bitcoin Sold by Long-Term Holders As BTC Rallies Toward $100,000: Glassnode

Long-term holders have hawked more than 500,000 Bitcoin amid BTC ‘s latest bull run, according to the crypto analytics firm Glassnode.

The firm notes in a new analysis that the long-term holder cohort reached its peak Bitcoin supply in September.

“Like all previous cycles, the Long-Term Holder cohort is taking advantage of inflowing liquidity and a strengthened demand side to recommence distribution of held supply at scale.”

Source: Glassnode

Long-term holders have sold 507,000 BTC since that peak, but Glassnode notes that is a smaller level than the 934,000 Bitcoin spent during the rally into the March 2024 all-time high.

However, the long-term holder cohort is raking in record profit levels, according to the analytics firm.

“Long-Term Holders have a key role in the price discovery process, as they are a dominant source of previously dormant supply returning into liquid circulation. It becomes more prudent to assess the degree of profit-taking amongst this cohort as the bull market progresses, as they tend to become increasingly more active as prices rise.

Long-Term Holders are currently realizing a massive $2.02 billion in realized profit per day, setting a new ATH and eclipsing the previous one set in March. A robust demand side is required to fully absorb this supply overhang, which may require a period of re-accumulation to fully digest.”

Source: Glassnode

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

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