CandleFocus Bitcoin Long-Term Holders Have 163K More BTC to Sell, History Indicates: Van Straten
2024-11-26
Author: Content Editor
Bitcoin has experienced a 7.6% drop in price since failing to reach $100,000 on November 22. This is the largest drop since Donald Trump won the U.S. presidential election in 2016. However, such corrections are common in bull markets, with bitcoin often experiencing drops of 20% or 30%. The lack of a $100,000 price was attributed to significant profit-taking, with $10.5 billion being taken on November 21. Long-term holders of bitcoin have been selling their holdings, accounting for 3.85% of their total holdings since September 2024. This selling pressure may continue, but the percentage drop in each bull market cycle has been decreasing. If this trend continues, there could be a further 1.19% drop in bitcoin supply held by long-term investors.
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