Bitcoin approaches $100,000 but hesitates; long-term holders also can't resist selling
Capital Outflow Situation
According to data from cryptocurrency market maker Wintermute, there was a capital outflow of $4.38 million from the spot Bitcoin ETF on Monday, ending five consecutive days of net inflow. This outflow phenomenon has drawn widespread attention from the market, as it may suggest investors' concerns about Bitcoin's prospects.
Background of Profit-Taking
James Toledano, Chief Operating Officer of the self-custody cryptocurrency wallet company Unity, stated: "Bitcoin has recently failed to break through the $100,000 mark and has slid to around $92,000, mainly because investors chose to take profits after substantial gains in the past month." This means that the rapid rise in Bitcoin over the past few weeks has satisfied many investors, prompting them to sell their holdings when the price of Bitcoin slightly retreated.
Selling Pressure from Long-Term Holders
According to blockchain data, long-term holders of Bitcoin, who have held for more than 155 days, have recently seen their net holdings decrease by over 366,000 contracts each month, marking the largest selling pressure since April.
Analysis from Glassnode indicates that investors holding Bitcoin for 6 to 12 months have a cost basis of approximately $57,900, making them the main sellers. If these investors sell their holdings at the current price, they would realize close to a 60% profit, which explains their selling motivation.
A moderate consolidation period is healthy and may lay the groundwork for future price increases. The market dynamics of Bitcoin show a complex balance, with investors realizing substantial gains while also facing the risks of market volatility. With the recent pullback in Bitcoin's price and the selling pressure from long-term holders, the market outlook remains full of uncertainty. However, experts are optimistic about Bitcoin's medium to long-term prospects, believing that with market maturity and rising demand, Bitcoin still has the potential to break through the psychological barrier of $100,000.
Now there is an infinitely potential hundredfold coin, Marvin, the most favorite dog of Elon Musk, with a market value of at least $1 billion for any dog related to Old Horse. So what about Marvin, who is mentioned every year? Currently, the market value is only $10 million, which means there is still 100 times the profit potential!
