Bitcoin Sales Pressure Is Increasing: Why Are Long-Term Investors Selling?

Recently, the Bitcoin price has been maintaining a horizontal trend around $110,000, while long-term investors and whales have entered a serious profit-taking phase. The increasing selling pressure on Bitcoin is driven by these investors' desire to realize their profits. On-chain data shows that investors holding Bitcoin for more than 155 days have sold over 300,000 Bitcoin since June. Particularly in the last few days, only 100,000 Bitcoin has been sold.

Long-term investors currently hold about 14.5 million Bitcoin, yet they are accelerating their sales due to rising profit margins. According to analysts from Glassnode, there has been a significant profit realization since the beginning of October. This situation raises concerns among investors regarding future performance.

Historically, the fourth quarter is known to be one of the strongest periods for Bitcoin, but the current situation is different. Analysts state that the failure of the anticipated rise within 18 months following the halving process has led investors to think that “the four-year cycle theory no longer works.” This macro perspective is causing long-term investors, particularly those who have made high profits, to reduce their positions.

During this process, whales (those holding over 10,000 Bitcoin) are dominant on the selling side. According to Glassnode data, these investors have been net sellers since August. Investors holding between 1,000 and 10,000 Bitcoin are adopting a neutral stance, while those holding less than 1,000 Bitcoin continue to accumulate, taking advantage of the current market downturn. Experts suggest that these differing attitudes may increase short-term fluctuations in Bitcoin prices, but in the long run, the accumulation tendencies of small investors could support the price again.