Since mid -July, Bitcoin’s (BTC) The climb slowed down to $ 120,000. Prices hit a new high $ 124,157 early Thursday but since returning to $ 123,000, lacking momentum.
It raised a question: Who is the cashing out of Bitcoin and increasing the sale of pressure on the market? According to the observers, the answer lies in the blockchain data, showing the old wallets are lying their holdings.
“It can be linked to concentrated selling pressure from long-term owners who have recently accelerated their sale,” Gabriel Halm, senior blockchain analyst in Sentora, told CoinDesk.
“Historically, long-term holding phases are cleansed within the Bitcoin cycle. At this time, however, accumulation during the Q2 pulling period paved the way for the updated sale, suggesting the market structure may be moving.”
BTC supply controlled by long-term holders or purses with history of coins ownership for 155 days or more refused more than 300,000 BTC in four weeks, According to Data source bitcoin magazine.
Many dormant dompet, inactive for more than a decade, been active In the last four weeks, the moving of the chain coins for the first time in the years, perhaps in income extraction operations.
The Blockchain Analytics Firm Glassnode stated last week that earnings by long -term holders continues, even at a slower rate than in July.
“$ BTC Profit Realization of Long -Term Holders (7D SMA) slowed down in August after a July ran consistently more than $ 1b/day – one of the biggest income earnings on record, “Glassnode said X..
Sam Gaer, chief investment officer of the Directional Fund of the Monarq Asset Management, said the supply from the ancient purses was that -Capping upside down but largely absorbed properly, corresponding to the pattern seen last year when the Saxony state was liquid.
“Price levels in BTC tend to combine around psychological levels (Think of $ 100,000, $ 110,000, $ 120,000) and specifically around ATH levels. This same pattern was only seen last month at a $ 110,000 level as we touched all the time high in 112 areas and then drift less several times, “Gaer said.
Continued sale of higher strike strikes of institutions can influence rally speed. They usually do this to earn additional yield at the top of the area market handling. According to Gaer, the so -called call overwriting led to a volatility meltdown. The indicated volatility, which represents the expected price disturbance at a certain time, is driven by demand for options.
“Calling overwriting activity through long-term holders continues with a seemingly unspecified fashion, with a vol crush left on BTC with Vols over the weekend with teenagers who haven’t heard of my experience. I use the ’40 That started, “Gaer said.
What’s next?
The path of at least resistance remains upside down, thanks to the signs of strong dip-demand and macroeconomic tailwinds.
“The 1.88 million addresses bought 1.3 million BTCs on average $ 118,000, indicating a strong layer of demand that today prevented a deeper pullback,” Halm told CoinDesk.
Macro -speaking, the market is became more comfortable with The idea that the new normal inflation in the post-covid world is higher than the Fed’s 2% target and expects the central bank to cut rates in September.
Steve Gregory, founder of the Vtrader, is expected to be updated with the Bitcoin funds from Ether.
“We can see a cycle back to Bitcoin and a break of $ 120,000 level because the 3-month volatility of Bitcoin has hit the lowest since September 2023. Moreover, 95% of ETH wallets are already in revenue, indicating that entrepreneurs can make a logical rotation back to BTC,” Gregory said.
