Long-Term Holders Sell $43 Billion in Bitcoin, But Bulls Aren’t Worried

Long-term Bitcoin holders have offloaded approximately 405,000 BTC, valued at over $43 billion, in the past month, contributing to recent price declines. This selling pressure coincided with a sharp slowdown in institutional demand, with net institutional purchases falling below the daily mining supply for the first time in seven months, and cooling demand for spot Bitcoin ETFs like IBIT.

Analysts like Julio Moreno of CryptoQuant attribute the declining price to this imbalance between rising supply and weakening demand. However, other analysts remain unconcerned, viewing the selling as a typical redistribution phase during a bull market. Credible Crypto suggests long-term holders ("OGs") are transferring coins to traditional finance and institutional investors.

Willy Woo further supports this optimistic view, noting that long-term holder supply naturally contracts in bull markets as coins move to new investors, sometimes involving custody rotation for treasury companies. Despite the $43 billion sell-off, bulls believe the market is holding up well due to inflows from new buyers, even as Bitcoin's price slipped over 6% in the past week.

(Source：BeInCrypto)