This Cohort Is the Main Force Behind Bitcoin’s Resistance in Price

Recent analysis reveals that the primary source of sell-side pressure in the Bitcoin market is the behavior of existing holders, rather than external market influences. This trend has resulted in realized profits reaching approximately $1.7 billion per day, marking one of the highest levels in this cycle. The data shows that nearly half of the selling pressure arises from coins held for six months to a year, indicating profit-taking from investors who acquired Bitcoin during price dips earlier in the year. The average age of spent coins has increased from 26 days to 100 days since the beginning of 2023, highlighting a shift towards the sale of older holdings. Despite the recent price downturn, which saw Bitcoin correct from its all-time high of $126,200 to around $103,500, this pattern aligns with common bull market behavior. Analysts emphasize that this selling activity is not a result of manipulation but rather a natural market response to realized gains.

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