Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
‘Potential top’ for Bitcoin as long-term holders sell 828K BTC in 30 days

‘Potential top’ for Bitcoin as long-term holders sell 828K BTC in 30 days

CointimeCointime2024/12/09 16:01
By:Cointime

From cointelegraph by Ciaran Lyons

‘Potential top’ for Bitcoin as long-term holders sell 828K BTC in 30 days image 0

MARKETS NEWSCOINTELEGRAPH IN YOUR SOCIAL FEED Follow our Subscribe on

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.

“It’s a game of musical chairs: enjoy the ride, but be prepared when the music stops,” CryptoQuant contributor Maartuun said in a Dec. 8 X  post .

Long-term hodlers are offloading their Bitcoin

Since Nov. 8, long-term holders — wallets who have held Bitcoin  BTC$98,290   for at least 155 days — have sold 827,783 BTC worth around $82.6 billion at its current price of around $99,200.

‘Potential top’ for Bitcoin as long-term holders sell 828K BTC in 30 days image 1

Source:  Maartuun

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.

‘Potential top’ for Bitcoin as long-term holders sell 828K BTC in 30 days image 2

Source:  Maartuun

“Retail is also involved in futures trading,” he said. CoinGlass  shows  Bitcoin Open Interest (OI) — a metric tracking the total number of unsettled Bitcoin derivative contracts such as options and futures — is $61.2 billion at the time of publication.

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.”

Related:  Bitcoin dominance hints at ‘altseason,’ analysts eye XRP price rally into 2025

According to Bitbo  data , the Long Term Holder realized price — the average price paid by long-term Bitcoin holders — is $24,481, representing about a 400% average gain for long-term holders.

‘Potential top’ for Bitcoin as long-term holders sell 828K BTC in 30 days image 3

Source:  Maartuun

At the time of publication, Bitcoin’s price was $99,203,  according  to CoinMarketCap.

On Dec. 6, Real Vision chief  crypto analyst Jamie Coutts said liquidity conditions , as expressed by his Bitcoin MSI macro model, suggest pain may come next.

“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.”

3
1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

XRP Market Structure Tests $1.50 Resistance

Cryptonewsland2026/08/28 19:48
XRP Market Structure Tests $1.50 Resistance

The most hawkish Jackson Hole speech since 2009! Walsh's debut pushes the 2-year US Treasury yield up by more than 10 basis points

The yield on the two-year U.S. Treasury note surged more than 10 basis points intraday to a one-month high. Judging by the immediate rise in the two-year Treasury yield after the speech, the market reaction to Waller's remarks even exceeded that of Powell's Jackson Hole speeches in 2022 and 2023. The swaps market is now betting that the Federal Reserve may raise rates multiple times before July next year.

华尔街见闻2026/08/28 19:40