Bitcoin’s Rollercoaster: Will It Survive the $904M Sell-Off? 🎢💰

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  • Bitcoin investors who have held BTC for 6>12 months are cashing in a whopping $904 million. 💸
  • Newer coins are causing a bit of a ruckus, leading to a BTC pullback. Who knew coins could be so dramatic? 😱

In the last month, Bitcoin [BTC] has been on a bit of a high, trading in an ascending channel like it’s on a never-ending escalator. As a result, many holders, both short-term and long-term, are basking in the glow of significant profits. 🌟

In fact, at least 98% of all holders are currently sitting pretty in profit, which is just delightful for their wallets. 💰

Newer Coins: The Drama Queens of the Market

With profit margins soaring, these holders are now realizing profits like it’s going out of style. Both short-term and long-term holders are jumping on the profit bandwagon, creating quite the sell pressure. 🚀

But wait! The plot thickens. Selling activities have ramped up among younger long-term holders, or as I like to call them, the mid-cycle buyers. According to Glassnode, these folks, who have held BTC for 6 to 12 months, are now aggressively selling like it’s a clearance sale. 🛒

This group has realized gains of $904 million in just one day, which accounts for a staggering 83% of all realized profit. That’s the second-highest daily profit this year! Talk about a profitable day at the office! 📈

Interestingly, this profit realization is just shy of the April top, indicating that in Q4 of 2024, buyers have started a rather aggressive distribution. 🏃‍♂️💨

Meanwhile, Bitcoin holders who have been in the game for 12 months recently realized a mere $324 million in profits—a sharp drop from the $1.2 billion they offloaded during last week’s peak. Ouch! 😬

This shift signals a slowdown in profit-taking from long-term holders (LTHs), as evidenced by a notable drop in the LTH SOPR metric—from 3.4 to 1.8. It seems like the older coins are taking a breather. 💤

Such a decline in profit realization suggests that seasoned Bitcoin holders are stepping back for now. So, new coins are exiting the market, causing quite the selling pressure. 🏦

What This Means for BTC

In the past day, a sharp increase in profit-taking from newly acquired coins has significantly influenced Bitcoin’s price action. As newer holders began cashing in, BTC dropped from $108,990 to a low of $106,853. Talk about a rollercoaster ride! 🎢

This decline pushed BTC back into its previous consolidation range, signaling that the bullish momentum was as fleeting as a summer romance. 💔

The divergence in behavior between new and long-term holders (LTHs) is creating a bit of uncertainty: new coins are being sold, while older coins are just chilling. 🧊

If this trend continues—with newer holders selling and LTHs holding steady—Bitcoin is likely to remain in a consolidation phase. In this scenario, LTHs would absorb the selling pressure, while newer holders would cap any significant upward movement. 📉

As a result, BTC may continue to fluctuate between $104,000 and $106,000 until one side decides to take charge. 🥊

A breakout above $107,000 and a sustainable push toward $110,000 would likely depend on a reduction in profit-taking from newer coins. Fingers crossed! 🤞

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2025-06-18 05:17