Glassnode: Many long-term holders are still waiting for higher prices to release more BTC back into the circulating market

【Glassnode: Many long-term holders are still waiting for higher prices to release more BTC back into the circulating market】According to Golden Finance, as disclosed by Glassnode, with the rise in Bitcoin prices, all 14 million BTC held by long-term holders have entered a profit state, which has triggered an acceleration of selling activities, leading to a decrease of over 200,000 BTC from non-small balances since the historical high was broken. Long-term holders began to take profits when prices were strong and demand was sufficient to absorb them, during which ETFs played a key role, absorbing over 90% of the selling pressure from long-term holders. However, as unrealized profits reach more extreme levels, it is expected that more long-term holders will accelerate their selling, and in the short term, this selling has already exceeded the inflow from ETFs. Nevertheless, as a significant amount of Bitcoin is still held by long-term holders, many of them may be waiting for higher prices before releasing more Bitcoin back into the circulating market.