Bitcoin Faces Resistance as Long-Term Holders Sell
Bitcoin struggles to break higher as long-term holders take profits, selling over 810K BTC since July.
- Long-term Bitcoin holders have sold 810K BTC since July.
- Their total holdings dropped from 15.5M to 14.6M BTC.
- Selling pressure is limiting Bitcoin’s upside potential.
Since July 1, Bitcoin has faced difficulty gaining strong upward momentum — and one major reason is the behavior of long-term holders (LTHs). These are investors who typically hold onto their Bitcoin for extended periods, often through major market cycles.
However, recent data shows a shift. LTHs have started offloading a large portion of their holdings. In total, around 810,000 BTC has been distributed by these investors in the past few months. This distribution has reduced their collective holdings from 15.5 million BTC to 14.6 million BTC.
Profit-Taking Is Capping Bitcoin’s Upside
Despite this wave of selling, Bitcoin has still managed to hit new all-time highs — not once, but twice. That speaks to the strength of current demand in the market. Buyers, possibly including institutions and retail investors, are stepping in to absorb the supply.
Still, the steady profit-taking by LTHs is acting like a ceiling for Bitcoin’s price. When long-term holders take profits, they typically do so after significant price increases. Their activity increases supply in the market, making it harder for prices to push much higher in the short term.
As long as this selling trend continues, the upside for Bitcoin could remain limited. Unless there’s a surge in new demand that outpaces the distribution from long-term holders, Bitcoin may stay “stuck” in a consolidation phase.
What Could Shift the Trend?
For Bitcoin to regain stronger momentum, either long-term holders need to pause their selling, or a new wave of strong buyers needs to enter the market. Upcoming macro events, institutional interest, or ETF flows could be key factors in turning the tide.
Until then, the market seems to be in a tug-of-war between profit-taking and growing demand — and so far, neither side has a clear upper hand.
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