In the face of selling pressure from Bitcoin, Glassnode's latest weekly report points out that long-term holders have realized profits of $2.02 billion daily, setting a historical high. Since September, they have sold approximately 570,000 BTC. Analyzing the URPD shows that $88,000 may become a testing area for a pullback. (Background: Glassnode: A deep analysis of post-election capital flows and strong drives in the spot market, will BTC continue to rise?) (Context: Glassnode warns: Bitcoin could see profit-taking corrections within 10 days as it enters the 'euphoria phase') Since Trump won the U.S. election on November 8, Bitcoin has continued to push towards the $100,000 mark, reaching a peak of over $99,500 on November 23, with an accumulated increase of up to 37.6% in nearly a month. However, since last weekend, Bitcoin has begun to show the most significant pullback since Trump's election, fluctuating downwards from around $99,000, hitting a low of $90,791 this morning, down over 8.8% from a high of approximately $99,600 on the 22nd. As of the time of writing, Bitcoin has slightly rebounded, currently reported at $93,099, with a nearly 24-hour decline narrowing to 1.78%. LTH has realized profits of up to $2 billion daily, setting a new high. In light of the selling pressure from Bitcoin, Glassnode's latest weekly report analyzes that since the peak supply of long-term holders (LTH) in September, this group of investors has now reduced their holdings by 570,000 Bitcoins (currently worth about $46.64 billion). Although this is lower than the selling pressure of 934,000 BTC during the rebound in March, the scale is still significant. Furthermore, long-term holders are distributing about 0.27% of the profit supply daily, which is a relatively high ratio, with only 177 trading days having a higher distribution ratio, surpassing the levels from March this year. In terms of realized profits, long-term holders are currently realizing profits of up to $2.02 billion daily, setting a historical high. This indicates that the market needs strong demand to absorb the excess supply, and this process may require a period of reaccumulation to complete. The seller risk ratio is below historical peaks. To assess whether there are enough buyers to absorb the supply, Glassnode uses the seller risk ratio, noting that this ratio is currently at a high level (close to the blue line in the figure below), indicating significant profit realization in the current price range. However, this ratio is still far below previous peaks, suggesting that even under similar relative distribution pressures, previous bull markets saw sufficient demand to absorb the supply. The seller risk ratio is used to assess the selling behavior of investors by analyzing the profits or losses they realize relative to the asset's Realized Cap. High ratio (blue line): Investors sell at high profits or losses, usually occurring after significant price fluctuations, with the market requiring time to rebalance. Low ratio (red line): Most transactions are close to the cost price, the market enters a balanced state with lower volatility, possibly indicating that the consumption of profits and losses is nearing its end. Coins older than 1 year are not significantly sold. Additionally, in assessing the composition of expenditures, Glassnode points out that most selling pressure comes from Bitcoins with an age between 6 months and 1 year, highlighting that coins held for over 1 year have not yet been significantly sold and will require higher prices to attract these tokens to be liquidated. Glassnode's statistics below indicate that tokens aged 6 months to 1 year dominate the current selling pressure, accounting for 35.3%. 6 months-1 year realized profit: $12.6B 1y-2y realized profit: $7.2B 2y-3y realized profit: $4.8B 3y-5y realized profit: $6.3B 5y+ realized profit: $4.8B $88,000 is a key level for back-testing. To assess the sustainability of this rally, Glassnode compares the current unrealized profit distribution (URPD) structure with the peak in March 2024. The agency indicates that in March 2024, as ETF listings drove prices up for months, supply completed several handovers between $40,000 and $73,000. In the subsequent seven-month consolidation, this area became one of the most influential supply zones in history, with reaccumulated supply forming key support, laying the foundation for this market surge. Recently, the market has risen very quickly, with little Bitcoin trading volume between $76,000 and $88,000, which may become a testing area for the market pullback. Because price discovery is a process, it often requires rebounds, corrections, and consolidations to confirm new price ranges and find new balance points. Related reports: Bitcoin drops to $90,800, creating the largest decline since Trump's election! Analysts: The market leverage is too heavy, but it’s still a healthy pullback. Bitcoin's main antagonist Peter Schiff: Trump's support for BTC will only weaken the U.S. economy, wasting billions in taxes. Apple CEO Cook: Has held Bitcoin for 3 years, NFTs are interesting, but Apple has no intention to enter the cryptocurrency market in the short term. "Who is selling at $90,000 Bitcoin? Glassnode: $76,000 to $88,000 is a key level for short-term back-testing." This article was first published on BlockTempo (the most influential blockchain news media).

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