Bitcoin Dips as Long Term Holders Lock in Profits After $100K Rally Stalls

The leading cryptocurrency Bitcoin posted its longest losing streak of the current rally that was kickstarted by Trump's win earlier this month. After a failed run at $100,000, Bitcoin fell below $93,000, with a 24-hour drop of over 5% before it quickly recovered to trade above $94,200 during early Asian trading hours on Tuesday.

The entire crypto market is down 3.8% in the last 24 hours.

Long Term Bitcoin Holders Are Cashing Out

As Bitcoin hit all-time highs consistently over the month, many long term holders chased out their gains. As per Galassnode data, with long term holders taking out profits, the selling pressure has been at highest since April 2024. The 6-12 months cohort of long-term holders led the selling activity, averaging 25.6K BTC per day in profits, with most of the recent selling coming from this group of investors.

Holders with 6-12 months of Bitcoin spent an average of BTC at a cost basis 71% lower than the market price of around $57.9K, capitalizing on the rally as Bitcoin surged from $74K to $99K.

Things are getting heated! #Bitcoin long-term holders (LTHs) have come out in force, with selling pressure hitting -366K #BTC/month – the highest since April 2024. But who is actually selling? Let's dig deeper: https://t.co/hr64gBGUCd
Market News and Data brought to you by Benzinga APIs

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