Bitcoin’s climb toward $100,000 has seen a significant amount of offloads from long-term holders, which some analysts say signals a potential top that could turn markets bearish and catch traders offside when buy-side demand starts to wane.
Long-term hodlers are offloading their Bitcoin
Maartuun highlighted the 149,800 BTC purchased by Michael Saylor’s MicroStrategy and the 84,193 BTC worth of inflows into spot Bitcoin exchange-traded funds (ETFs) over the same period.
Still, he said that these are the equivalent of just 30% of what’s being sold by long-term holders.
“The overall market is much larger than just them,” he said.
Maartuun suggested that Bitcoin is maintaining its strength despite the strong sell pressure from long-term holders due to retail demand also reaching its “yearly highs,” according to CryptoQuant’s retail demand 30-day change chart.
Long-term Bitcoin holders sitting on significant unrealized profits
Maartuun also claimed that the sell-side risk ratio and the net taker volume may indicate “a top.”
“Bitcoin has hit new ATHs in the face of a deteriorating liquidity backdrop,” he said.
Coutt said if conditions “worsen, the rally, while euphoric, can only last for a limited time.”
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