Long-term Bitcoin holders are accelerating the likely profit-taking, as data shows that their net BTC position is falling compared to a month ago.
The on-chain analysis firm Glassnode's data shows that long-term holders (LTH) have begun to reduce their exposure to BTC.
The price of BTC has risen to nearly USD 100,000, but some long-term holders are not waiting to take profits.
Glassnode, which tracks the 30-day net position change among LTH entities, now reveals an accelerated selling trend.
On November 20, the decline in LTH net position reached 245,000 BTC compared to the previous 30 days. This represents the largest comparative reduction in 30 days since April.
Net position change of Bitcoin LTH. Source: Glassnode
👀 "ETF flows must remain strong or else the selling pressure from long-term holders could catch up to the market"
