CoinVoice has learned that, according to data disclosed by Glassnode, with the rise in Bitcoin prices, all 14 million BTC held by long-term holders have entered a state of profit, which has accelerated selling activity, resulting in a decline of over 200,000 BTC from non-small balances since breaking the historical high.
Long-term holders begin to take profits when prices are strong and demand is sufficient to absorb, with ETFs playing 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 selling, and in the short term, this selling has exceeded the inflows of 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. [Original link]
