Long-term holders of bitcoin (BTC) have significantly ramped up their liquidations in recent weeks, resulting in the most considerable sell-off recorded in a single day this year. On Friday, these holders sold 97,000 BTC, nearly amounting to $3 billion.
The price of bitcoin has seen a drop of over 3.7%, currently trading at $103,330, a decline of 16% since its record high of $124,429. Data from blockchain analytics firm Glassnode indicates that the recent surge in spending is primarily due to this large-scale liquidation.
Key Points:
- Sell-Off Details: The sale of 97,000 BTC is the most considerable single-day sell-off of long-term holders recorded this year.
- Bitcoin’s Price Dynamics: Bitcoin’s value fell over 3.7% to $108,000 last Friday and continued to decline to $107,400 early Monday. Currently, it’s trading at $103,330.
The recent behavior of long-term holders may be influenced by the psychological thresholds associated with Bitcoin’s price, as selling at a price point of $100,000 could prompt many to cash out.
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