The Real Reasons Behind Selling Pressure in Bitcoin

Recently, the price fluctuations of Bitcoin (BTC) continue to attract investors' attention. The Bitcoin price has dropped by 18% from the $126,000 level to as low as $103,500. Analyst Checkmate considers this correction to be a classical bull market breath, but notes that the selling pressure is largely due to profit realizations from existing investors.

According to Glassnode data, the daily realized profit has reached $1.7 billion. This level stands out as one of the highest in the current cycle. Additionally, with the return of coins that have been inactive for a long time to the market, the daily profit realization has risen to $2.9 billion, reaching the second highest level of the cycle.

According to Checkmate's analysis, approximately 47% of this selling pressure comes from Bitcoin held for 6 to 12 months. This indicates that investors who made purchases around $76,000 at the end of 2024, and especially in April 2025, have started to realize profits. Interestingly, the average age of spent coins has increased from 26 days to 100 days. This situation suggests that long-term investors have moved their assets more.

With the realized profits increasing to $1.7 billion, it is also observed that the realized losses have risen to $430 million. This leads to the presence of both profit-realizing and panic-selling investors in the market. Checkmate summarizes the current situation as, "What is pressuring the price is not manipulation or 'paper Bitcoin' but merely investors selling in the classical sense."

In conclusion, the data reveals that the main reason for the resistance area in Bitcoin price is the profit sales of investors. This situation may continue to put pressure on the price in the short term. It is crucial for investors to closely monitor the developments in Bitcoin price and profit sales in order to understand market dynamics.