The Bitcoin market has recently seen an exclusive development as the holders are pursuing a massive bull run. As per CryptoQuant, a prominent on-chain analytics company, the parties holding BTC for the long term have begun selling the tokens to the crypto exchanges. The analytics platform took to its official account on X to reveal the respective efforts of the Bitcoin holders.
When ultra-long term holders sell $BTC“Currently, ultra-long term #Bitcoin holders are not sending Bitcoin to exchanges. Ultra-long term Bitcoin holders want a stronger bull market” – By @t0_godFull post 👇https://t.co/bzAFstW3zU pic.twitter.com/PADQLNRSe6
— CryptoQuant.com (@cryptoquant_com) June 28, 2024
Long-Term Bitcoin Holders Commence Selling Tokens
In its new X post, the company pointed out that the respective move focuses on an impending bull run. The on-chain statistics brought to the front that these endeavors have been taking place since the last month. In this respect, the Bitcoin holders reportedly sold a significant amount of up to $10B in terms of tokens during May. The respective amount accounts for nearly 160,000 *BTC* coins.
This move denotes a noteworthy trend showing the overall behavior of the investors who have been holding BTC for a long time. Moreover, the hefty BTC sale reportedly represents an enormous shift concerning the market dynamics. In line with the historical data, long-term Bitcoin holders have been focusing on retaining assets during market fluctuations. This has contributed to the general price stability of Bitcoin.
The Move Targets at a Strong BTC Bull Market
On the other hand, the ongoing operations of liquidating the tokens in such large amounts point toward a sentiment change. Nonetheless, the current month has witnessed a substantial increase in the offloading of tokens by long-term holders. Within June, the BTC holders reportedly sold more than 40,000 tokens. This consistent liquidation trend potentially aims at a robust BTC bull market.
