Long-Term Bitcoin Holders Cash Out as Price Dips, But Optimism Remains Strong

Bitcoin’s long-term holders have been offloading significant amounts of their holdings this month as the cryptocurrency’s price hovers around the $92,000 mark.

An on-chain analyst, known as Checkmate, highlighted this activity, noting that these seasoned investors have sold more Bitcoin in November than in any other period during the current market cycle.

#Bitcoin Long-Term Holders have distributed $60B worth of supply in the last 30-days.

Out of all the LTH supply moved since the FTX bottom, 21% of it has happened in November.

This is the heaviest profit taking we have seen so far this cycle. pic.twitter.com/4khtZKlKU9

— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) November 24, 2024

Data reveals that addresses holding Bitcoin for over 155 days have shifted a staggering $60 billion worth of coins in the last 30 days. This accounts for 21% of all Bitcoin sold by long-term holders since the market rebound following the FTX collapse, marking the highest level of profit-taking in this cycle.

As Bitcoin undergoes a price correction, the analyst suggests that three factors must align to indicate the onset of a bear market: widespread purchasing, overvalued prices, and excessive enthusiasm among buyers. However, the current scenario doesn’t necessarily tick all these boxes, as institutional players continue to dominate the narrative.

READ MORE:

Is Bitcoin’s $100,000 Target Still Within Reach?

In a recent discussion, Checkmate shared optimism about Bitcoin’s evolving role in the financial landscape. He explained that the asset is increasingly recognized as a viable long-term store of value, akin to gold. Investors are gradually appreciating its unique characteristics and its potential to diversify portfolios, both for financial gains and as a hedge against economic uncertainty.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.