The post Bitcoin: THIS group starts selling BTC – Troubling times ahead? appeared on BitcoinEthereumNews.com.

A notable shift is occurring among BTC holders, signaling potential changes in market dynamics. Bid-ask imbalances suggested that selling pressure prevailed, which could potentially trigger a downturn. Bitcoin’s [BTC] profitability has waned following the recent market correction, with its gains now reduced. As of the latest data, BTC has posted a 19.86% increase. Despite a modest 0.37% price increase, there is lingering skepticism about whether BTC can sustain these gains, as selling activity continues to weigh on the market. Long-term holders begin selling Bitcoin Data from Glassnode revealed that long-term holders of Bitcoin have been engaging in profit-taking activities, except “Ultra Long-Term Holders,” who have held their BTC for more than seven years. Long-term holders are defined as addresses that have held BTC for over six months (180 days). As of the latest data, the proportion of BTC held by this cohort has dropped by approximately 10%, decreasing from over 60% to around 50%. The changing distribution of BTC ownership is shaping the market’s progression. Typically, during early stages, long-term and ultra-long-term holders control a large share of BTC. However, as selling pressure increases, this balance shifts. Source: X This shift is currently empowering short-term holders with greater influence in the market. However, until short-term holders account for 70-80% of the market, which has not yet occurred, the market remains in its early to mid-range phase. During the peak of the last bull run, the distribution of BTC between short-term and long-term holders was approximately 20% to 80%, respectively. In contrast, current data from Coinglass shows a more balanced market, with both sides holding around 50%. Long-term holders losing interest in BTC Long-term holders of Bitcoin are losing interest at a faster rate than anticipated. This trend has been observed across distinct cohorts of long-term holders: those who have held…

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Filed under: News - @ December 12, 2024 10:21 am