Glassnode: Currently, long-term BTC holders have achieved a daily profit of over US$2 billion, a new high, and the distribution volume is still relatively small.
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2024-12-01 22:03 5,701
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Golden Finance reported that Glassnode analysis pointed out that the current daily profits realized by long-term holders are as high as 2.02 billion U.S. dollars, setting a new historical high and exceeding the record in March. The market needs a strong demand side to fully absorb these excess supplies. This may require a re-accumulation phase to be fully digested.
Interestingly, since the long-term holder supply peaked in September, approximately 507,000 Bitcoins have been distributed to this group, which, while a substantial amount, compares favorably to the 934,000 distributed during the all-time high in March 2024. The scale is still relatively small. Assessing the composition of the sources of selling, most of the selling pressure appears to be coming from coins that have been held for 6 months to 1 year, indicating that further selling from longer-term holders is still possible, and they may require higher prices to be willing to do so. Sell your Bitcoins.