ChainCatcher message, Glassnode's latest analysis shows that the daily realized profit of long-term holders has soared to $2.02 billion, setting a new historical high and breaking the record from March. This phenomenon indicates that the market needs strong demand to absorb this excess supply, and may need to go through a re-accumulation phase to fully digest it.

Since September, after reaching a peak in the supply of Bitcoin held by long-term holders, approximately 507,000 Bitcoins have been distributed. Although this number is quite substantial, it still appears small compared to the 934,000 Bitcoins in March 2024. Further analysis of the sources of selling pressure reveals that it primarily comes from investors who have held their coins for 6 months to 1 year. This suggests that longer-term holders may still be waiting, anticipating higher prices before selling.