Is Bitcoin’s Selling Pressure Ending? A 3-Year First Observed

The volume of assets sent to exchanges for profit by long-term investors on the Bitcoin (BTC) network has dropped to its lowest level in three years, providing a strong signal that selling pressure may be ending.

While uncertainty surrounding the price of Bitcoin, the leader of the cryptocurrency market, continues, on-chain data shows that the market’s core investor group has changed its strategy. According to current data provided by the blockchain analysis platform Glassnode, investors who have held Bitcoin in their wallets for a long time (LTH) have almost completely stopped taking profits. This situation proves that the selling appetite in the market has been replaced by a strategy of re-accumulation or waiting.

Long-Term Investors Shift to Waiting Mode

Shared charts show that the volume of profit transferred to exchanges by long-term investors has retreated to levels seen at the beginning of 2023. In particular, the sharp decline in 30-day and 90-day moving averages reveals that this investor group does not find current price levels attractive for profit-taking. The intense waves of selling seen in the past when the price approached the $60,000 and $70,000 levels have been replaced by a deep silence.

This data is of critical importance for the supply-demand balance in the market. Long-term investors stopping their sales could mean a decrease in liquidity on exchanges and a faster upward price reaction in the event of a potential increase in demand. Although the Bitcoin price continues its fluctuations on the charts, the fact that profit realization has “closed” indicates that the selling pressure in the market has weakened and investors are focusing on higher price targets.