Bitcoin (BTC) is currently trading 13% below its record high of around $108,000, the most since President-elect Donald Trump won the U.S. election in early November.
Since then, the largest cryptocurrency has spent several periods at 10% below the record, a level that some investors term a correction.
The selling pressure originates with long-term holders (LTHs), which Glassnode defines as investors who have held bitcoin for at least 155 days. They tend to sell into price strength after accumulating bitcoin when prices are depressed.
LTHs were already distributing a significant amount of BTC about a week ago, previous CoinDesk research showed. Since then, they’ve picked up the pace and have reduced their total holdings to about 13.2 million BTC from around 14.2 million in mid-September.
On Thursday, they sold almost 70,000 BTC, the fourth-biggest one-day sell-off this year, according to Glassnode data.
On the flip side, for every seller, the
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Author: James Van Straten
