Bitcoin Dips as Long Term Holders Lock in Profits After $100K Rally Stalls
2024-11-26

The leading cryptocurrency Bitcoin posted its longest losing streak of the current rally that was kickstarted by Trump’s win earlier this month. After a failed run at $100,000, Bitcoin fell below $93,000, with a 24-hour drop of over 5% before it quickly recovered to trade above $94,200 during early Asian trading hours on Tuesday.The entire crypto market is down 3.8% in the last 24 hours. Long Term Bitcoin Holders Are Cashing Out 
As Bitcoin hit all-time highs consistently over the month, many long term holders chased out their gains. As per , with long term holders taking out profits, the selling pressure has been at highest since April 2024. The 6-12 months cohort of long-term holders led the selling activity, averaging 25.6K BTC per day in profits, with most of the recent selling coming from this group of investors.
Holders with 6-12 months of Bitcoin spent an average of BTC at a cost basis 71% lower than the market price of around $57.9K, capitalizing on the rally as Bitcoin surged from $74K to $99K.
Things are getting heated! long-term holders (LTHs) have come out in force, with selling pressure hitting -366K /month – the highest since April 2024. But who is actually selling? Let’s dig deeper: 🧵👇 — glassnode (@glassnode) Spot Bitcoin ETFs Continue to Absorb Selling Pressure 
Spot Bitcoin ETFs have been absorbing the selling pressure from long-term holders over the weeks, with more than $7 billion flowing into US spot-Bitcoin exchange-traded funds following the US elections, bringing the total assets of these ETFs to over $105 billion. 
I see a lot of CT baffled/frustrated as to how Saylor can buy $5b of btc but price doesn’t move up- which is same thing I hear sometimes about ETFs after big flows. Here’s data showing what I’ve long been saying: the call is coming from inside the house, it’s long term hodlers. — Eric Balchunas (@EricBalchunas) 
On November 25, US Bitcoin spot ETFs saw a net outflow of $438 million, with Bitwise spot Bitcoin ETF leading the outflow with negative $280 million. BlackRock’s IBIT saw a net inflow of $267 million on the same day, as per . 