Analysis: Long-term Bitcoin holders sold over 820,000 BTC in the past 30 days

2024-12-09 13:19:09

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ChainCatcher news, CryptoQuant analyst Maartunn posted on X that since November 8, long-term Bitcoin holders (wallets holding Bitcoin for at least 155 days) have sold 827,783 BTC, worth approximately $8.259 billion.

Maartuun emphasized that during the same period, MicroStrategy purchased about 149,800 BTC, while the inflow of spot Bitcoin ETFs was 84,193 BTC. However, these only account for 30% of the amount sold by long-term holders.

According to CryptoQuant's 30-day change chart for retail demand, Maartuun stated that despite the strong selling pressure faced by long-term holders, Bitcoin remains strong as retail demand has also reached an "annual high."

Maartuun also noted that the seller risk ratio and net taker count may indicate that Bitcoin "has reached a potential peak."

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