ChainCatcher message: According to data 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 accelerated selling activity, leading to a non-trivial decrease of over 200,000 BTC since the historical peak.
Long-term holders began to take profits when prices were strong and demand was sufficient to absorb, during which ETFs played a key role in 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 surpassed the inflows from ETFs.
However, as a large 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.
