Hodler’s box office? Long-time holders of Bitcoin, often considered the pillars of the market, simply surprised everyone. According to CryptoQuant data, over 728,000 BTC were sold in the last 30 days. A wave of sales that at current BTC prices represents nearly $67 billion. This panic movement marks a reversal after the month of October, which has been characterized by massive buying.
- Long-term Bitcoin holders surprisingly sold more than 728,000 BTC in 30 days, marking a reversal after massive purchases in October.
- This massive selloff came amid a cryptocurrency rally where Bitcoin nearly hit $100,000 before retreating.
Massive BTC selloff, biggest since April
According to CryptoQuant, this is the largest wave of bitcoin sales by long-term holders since April. In October, the same actors almost piled up 250,000 BTCindicating renewed confidence in the market at the time.
But today the tide appears to have turned, with massive disengagement leaving analysts questioning the motivations behind the movement.
Unique context: Bitcoin nears $100,000
This sale is in context global cryptocurrency rallyled by the announcement of the election of Donald Trump. The president-elect has shown strong support for the blockchain industry during his campaign, a stance that has galvanized markets.
In this context, Bitcoin almost reached a new all-time high, flirting with a token mark of $100,000before stabilizing slightly below. However, this peak also decreased bitcoin dominance in the overall market, which fell to 51%compared to more than 60% recently.
Why Are Bitcoin Whales Selling?
Large long-term holders play a central role in the Bitcoin market. Their behavior is closely monitored because it affects the overall dynamics of supply and demand.
So why these massive sales? Some hypotheses emerge:
- Taking profits after a surge: With Bitcoin approaching $100,000, some long-term investors may feel that now is the time to reap their profits.
- Political Uncertainty: Although Trump is pro-blockchain, his return to the political scene also creates geopolitical uncertainties that could prompt some caution.
- Rotation to other assets: A decline in Bitcoin’s dominance could indicate that funds are shifting to other cryptocurrencies or digital assets.
This wave of selling could affect Bitcoin’s short-term outlook, especially if individual investors get spooked and follow suit. However, some analysts believe that this type of correction is healthy after a period of frantic growth.
In addition, the cryptocurrency market as a whole remains dynamic, such as Tier 1 projects Ethereum, Solana AND BNB which attract new capital. This diversification could also partly explain the decline in Bitcoin’s dominance, which remains despite some solid shocks to its supports.
