BlockBeats News, November 26th, according to Glassnode data, as the Bitcoin price rose, all of the 14 million BTC held by long-term holders entered a profitable state, triggering an acceleration of sell-off activity, resulting in a significant decrease of over 200,000 BTC in balance since the all-time high break.
Long-term holders have started to take profits as the price strengthens and demand is sufficient to absorb them. In this process, ETFs have played a key role, absorbing over 90% of the sell pressure from long-term holders. However, as unrealized profits reach more extreme levels, it is expected that more long-term holders will accelerate their sell-off, which has already exceeded the inflow of ETFs in the short term.
Nevertheless, since there is still a large amount of Bitcoin held by long-term holders, many of them may be waiting for higher prices before releasing more Bitcoin back into the circulation market.
