Long-term holders have hawked more than 500,000 Bitcoin amid BTC‘s latest bull run, according to the crypto analytics firm Glassnode.
The firm notes in a new analysis that the long-term holder cohort reached its peak Bitcoin supply in September.
“Like all previous cycles, the Long-Term Holder cohort is taking advantage of inflowing liquidity and a strengthened demand side to recommence distribution of held supply at scale.”
Long-term holders have sold 507,000 BTC since that peak, but Glassnode notes that is a smaller level than the 934,000 Bitcoin spent during the rally into the March 2024 all-time high.
However, the long-term holder cohort is raking in record profit levels, according to the analytics firm.
“Long-Term Holders have a key role in the price discovery process, as they are a dominant source of previously dormant supply returning into liquid circulation. It becomes more prudent to assess the degree of profit-taking amongst this cohort as the bull market progresses, as they tend to become increasingly more active as prices rise.
Long-Term Holders are currently realizing a massive $2.02 billion in realized profit per day, setting a new ATH and eclipsing the previous one set in March. A robust demand side is required to fully absorb this supply overhang, which may require a period of re-accumulation to fully digest.”
Bitcoin is trading at $96,303 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post 500,000 Bitcoin Sold by Long-Term Holders As BTC Rallies Toward $100,000: Glassnode appeared first on The Daily Hodl.