Bitcoin Long-Term Holders Selling Activity on the Rise
Recent on-chain data indicates a surge in selling activity among long-term Bitcoin holders, with their collective holdings hitting the lowest levels this year. This trend has caught the attention of prominent crypto analyst James Check, who highlighted the significant scale of this trend.
Selling Pressure from Long-Term Holders Outweighs Institutional Demand
According to James Check, the selling pressure from long-term holders far exceeds the demand from ETFs and institutional players like MicroStrategy. Data from CryptoQuant reveals that long-term holders, defined as investors who hold onto Bitcoin for over 155 days, have sold approximately 800,000 BTC in the past month.
Institutional Entities and ETF Acquisitions
During the same period, institutional entities such as MicroStrategy acquired 149,880 BTC, while Bitcoin ETFs obtained 84,193 BTC. This left around 487,000 BTC to be absorbed by short-term holders, primarily retail investors.
Emergence of Dolphins as Significant Buyers
Interestingly, wallets holding between 100 and 500 BTC, known as dolphins, have emerged as significant buyers, accumulating over 350,000 BTC. This shift in buying behavior among dolphins points to changing supply trends and market sentiment.
Impact on Bitcoin’s Market Trends
Although the institutional and ETF-driven demand has not yet resulted in significant price movements, it does indicate a shift in participant profiles and their increasing influence on Bitcoin’s market trends.
