Glassnode data reveals that Bitcoin selling by long-term holders (LTH) reached a massive scale, surpassing 370,000 BTC in the last month. This figure, equivalent to approximately 12,000 BTC liquidated daily, suggests a far more aggressive profit-taking strategy than traditional Net Position Change indicators reflect.
The impact of this sell-off was camouflaged by the “graduation” of roughly 226,000 coins that shifted into long-term status during the same period. This inflow partially offset the sales in the records, causing the actual pressure from veteran sellers to appear significantly lower than the real gross execution in the market.
In the coming weeks, attention will be focused on gross spent volume rather than net balances to assess true market sentiment. A continued increase in capital outflows by historical holders could intensify resistance at current price levels and delay the continuation of the bullish trend.
Source:https://x.com/glassnode/status/2016881054842302807
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