Long-term Bitcoin holders significantly increased their spending activity on Friday, offloading 97,000 BTC—approximately $3 billion at prevailing prices—in the largest single-day liquidation by patient holders so far this year. According to on-chain analytics from Glassnode, this surge accounted for the bulk of recent increases in long-term holder spending, lifting the 14-day moving average of coins spent to nearly 25,000 BTC, the highest level since January 2025.
The sell-off coincided with a price decline that saw BTC drop over 3.7% to a session low near $108,000 before settling around $107,400 early Monday UTC. As of the time of reporting, Bitcoin traded at approximately $103,330, remaining down 16% from its all-time high of $124,429. This price action reflects intensifying bearish pressure, as profit-taking by long-term holders intersects with broader market volatility and macroeconomic uncertainty.
Glassnode defines long-term holders as entities that have held coins for at least 155 days, encompassing wallets that include dormant addresses and institutional treasuries. The psychology behind this profit-taking suggests a recalibration of market sentiment around the $100,000 price level, which, while psychologically significant, may not yet be universally accepted as Bitcoin’s new normal. As holders adapt to six-figure valuations, the market could experience extended range-bound trading, allowing both buyers and sellers to adjust strategies around this elevated benchmark.
Looking ahead, traders and analysts will monitor whether this liquidation wave represents a temporary rebalancing or the start of a broader deleveraging trend. The behavior of long-term holders often serves as a key barometer of market health: sustained heavy spending could indicate exhaustion and pave the way for a capitulation low, whereas a slowdown in sales could signal consolidation and resilience. Given the magnitude of this one-day move, attention now turns to on-chain indicators such as exchange inflows, funding rates in derivatives markets, and changes in realized profit distributions to assess potential trajectory for BTC in the coming weeks.
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