How Larger Holdings are Influencing Bitcoin Prices

Key Highlights:

Since September, long-term holders have sold off over 843,000 BTC while short-term holders have accumulated over 1 million BTC.
Both MicroStrategy and the U.S.-listed spot ETFs have secured approximately 200,000 BTC each during this period.
The total volume across futures, spot, and ETFs now exceeds $100 billion.

Market Dynamics:

Since Donald Trump’s election victory on November 5, bitcoin (BTC) prices have skyrocketed from $67,000 to nearly $100,000. This surge correlates with a dramatic increase in overall bitcoin trade volume, which has now surpassed $100 billion.

According to checkonchain data, the bitcoin futures trading volume reached an all-time high approaching $120 billion on November 17, indicating substantial interest. However, this volume has since plateaued around $100 billion.

Trading Volumes:

Spot trading volume also reflects significant activity, doubling from approximately $6 billion to $12 billion, while U.S.-listed ETFs are now generating about $4 billion in daily trade volume.

Behavioral Trends:

Bitcoin is currently oscillating around the critical $100,000 threshold. The selling pressure from long-term holders (LTHs)—those who have held bitcoin for over 155 days—is noteworthy. Since September, LTHs have offloaded 843,113 BTC, whereas short-term holders (STHs) have amassed 1,081,633 BTC. To illustrate the contrast, major players like MicroStrategy have acquired 197,250 BTC, averaging about 2,168 BTC daily, while U.S. ETFs have gathered 205,000 BTC at roughly 2,253 BTC daily.

For bitcoin to establish a strong upward momentum beyond $100,000, a reduction in selling pressure from LTHs or the entry of larger cohorts into the market may be essential.