As #Bitcoin approaches the $100,000 milestone, it faces resistance while a significant shift in market behavior unfolds.
Long-term holders (LTHs), typically known for their reluctance to sell, have ramped up their distribution activities. According to Glassnode, these LTHs have sold approximately 507,000 BTC worth around $47 billion, which is notably lower than the 934,000 BTC sold during the March 2024 price surge.
This selling activity highlights changing patterns among long-term investors, with billions of dollars in profits realized during this period.
LTH Drive Bitcoin Supply Redistribution
Glassnode data reveals that much of the sell-side pressure originates from coins aged between six months and one year. This trend highlights the potential for further distribution as prices rise, particularly among holders of relatively newer coins. Additionally, 0.27% of the aggregate long-term holder supply is being distributed daily.
Remarkably, Glassnode points out that only 177 trading days in Bitcoin’s history have seen a higher rate of LTH distribution. This indicates a more aggressive sell-off compared to the March 2024 all-time high (ATH), while older coins remain largely dormant.
The “LTH Liveliness” metric provides additional insight into this activity. When the metric trends upward, it signals increased spending, while a downward trend suggests HODLing.
Despite the current rate of supply distribution exceeding the March peak, the volume of “Coinday destruction” remains lower. This suggests that most LTH coins being transacted were acquired recently rather than being held for extended periods.
