Long-term Bitcoin holders have sold 827,783 BTC ($82.6B) since Nov. 8, raising concerns about a potential market peak as Bitcoin nears $100K. CryptoQuant’s Maartuun warned that the market resembles “musical chairs,” urging traders to prepare for reduced buy-side demand.
While institutions like MicroStrategy (149,800 BTC) and spot Bitcoin ETFs (84,193 BTC) have absorbed some supply, their combined purchases cover just 30% of the selling pressure. Retail demand has reached yearly highs, and Bitcoin’s $61.2B open interest shows retail activity in futures trading remains strong.
Long-term holders sit on 400% unrealized gains, with an average purchase price of $24,481. Analysts highlight sell-side risk ratios and net taker volumes as indicators of a potential market top.
Source: Cointelegraph
