Bitcoin's record rally prompted long-term investors to significantly increase sales.
Selling pressure from long-term holders of the world's largest cryptocurrency has increased significantly as its price approaches all-time highs, according to data from blockchain analytics firm Glassnode. .
Bitcoin rally triggers massive selling by long-term holders
Glassnode analysts revealed in a report released today that long-term Bitcoin holders have sold 257,000 Bitcoins in the past month, with 57% of sales coming from the Grayscale Bitcoin Trust (GBTC). One-week sales, one-month sales and one-quarter sales increased by 20%, 44% and 55% respectively.
The report states: “The cost for long-term investors to buy Bitcoin is $20,700, while the cost for short-term investors is $45,800. Analysts explain that this group has historically increased spending as new historic highs are approaching , sales accelerate until they help form the top of the cycle.”
"When Bitcoin rose to all-time highs, holders' unrealized gains reached 228%," the report said.
Glassnode’s research also shows that a lot of funds are flowing to centralized exchanges (CEXs). For example, when the spot Bitcoin ETF was approved, the average Bitcoin transaction size on Coinbase increased to 4.3 Bitcoins. This number is higher than the normal range of 0.2 Bitcoin to 1 Bitcoin since 2019, indicating increased institutional and large account activity.
Another blockchain intelligence company, IntoTheBlock, revealed that during the recent all-time high update, all Bitcoin holders were in profit territory, with no wallets experiencing losses or going flat. Additionally, transactions involving amounts of $100,000 or more have seen $174.2 billion in transaction volume on the blockchain over the past seven days, indicating high whale activity.
The sharp rise in Bitcoin prices was largely driven by massive inflows into the U.S. Spot Bitcoin ETF, which began trading in January, in anticipation of the planned Bitcoin halving event in April. #比特币价格 #比特币持有者
