ChainCatcher message, Glassnode analysis indicates that current long-term holders are realizing profits of up to $2.02 billion daily, setting a new historical high, surpassing the record from March. The market needs strong demand to fully absorb this excess supply, which may require a phase of reaccumulation to fully digest.
Since the long-term holder supply peaked in September, this group has distributed approximately 507,000 bitcoins. Although this is a considerable amount, it is still relatively small compared to the 934,000 bitcoins distributed during the historical high in March 2024. An assessment of the composition of the sell-off sources reveals that most of the selling pressure seems to come from coins held for 6 months to 1 year, indicating that further selling from longer-term holders is still possible, as they may require higher prices to be willing to sell their bitcoins.
