- Long-term whales and traders have caused Bitcoin price to stall around the $100K mark, making it difficult for the BTC to break above $112K despite heavy ETF inflows.
- Miners have also added to the selling pressure with a sell-off of approximately 30,000 BTC in just 20 days.
Some Bitcoin whales were reportedly selling the market at around $100,000, causing a significant sell-off point that has slowed down the ongoing bull run. This large-scale selling did not just slow down the bull run; it also added more pressure to the market, making it harder for Bitcoin to maintain its upward momentum and break through significant resistance levels.
In the last 42 days, the price of Bitcoin has hovered around $100,000 and has failed to break above $112,000 despite the huge inflows into the asset spot ETF. According to on-chain data, the heavy token selling came from both long-term investors and short-term traders, causing the price to be stuck between $100,000 and $110,000.
Glassnode, a well-known blockchain analytics firm, also reports that not only are short-term traders selling, but wallets that have been holding Bitcoin for less than a year are also leading the wave of Bitcoin sell-off and profit-taking. On Monday, they made up about 83% of all realized gains, with holders within the six-to-twelve-month “hold” range selling $904 million worth of Bitcoin. This is the second-largest profit taken by this group since the beginning of the year.
The chart also shows that wallets that have held Bitcoin for ten years have reduced profit-taking in recent times compared to earlier in the year, when there was a massive sell-off. Last week, long-term holders who had kept their Bitcoin for over a year made a peak profit of $1.2 billion.
Miners Contribution to the Ongoing Bitcoin Selling Pressure
Miners have also played a role in the current BTC selling pressure. According to data from IntoTheBlock, the amount of Bitcoin held in miner wallets dropped from 1.94 million at the end of May to 1.91 million. This figure shows that they made about 30,000 BTC in just 20 days.
At the same time, it has also been recorded that the strong buying by large investors and smaller holders that was seen when Bitcoin first started rising from early April levels near $75,000 has now slowed down since the price crossed into six figures.
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