2024 Report Reveals Significant Bitcoin Sell-Offs by Long-Term Investors
Long-term Bitcoin holders have been actively selling their holdings in 2024, with significant sell-offs recorded in May and June. Data from IntoTheBlock shows that in May alone, approximately 160,000 BTC valued at around $10 billion were sold by long-term holders. This trend continued into June, with an additional 40,000 BTC leaving these holders’ wallets, indicating a consistent decrease in their holdings.
Despite a slight slowdown in selling during June, the ongoing activity by long-term holders has been influencing fluctuations in the market price of Bitcoin. A chart by IntoTheBlock illustrates a steady decline in the holdings of long-term BTC holders, particularly those who have held the cryptocurrency for over a year. The blue line on the chart depicts a continuous sell-off throughout 2024, with a noticeable sharp decline in May, confirming the reduction in holdings.
In June, the pace of selling by long-term holders moderated compared to May, but the downward trend in Bitcoin’s market price persisted. The correlation between the reduction in holdings by long-term investors and the general decline in BTC price is evident from the data.
Earlier in February, on-chain data revealed that a large number of Bitcoin addresses were holding BTC at a loss after collectively investing approximately $25 billion at an average price of $52,125. Market analyst Lookonchain highlighted the potential selling pressure in the crypto market, noting that 848,390 Bitcoin wallets had entered the market at this average purchase price, underscoring the challenges faced by many investors.
It is essential to note that this content is for informational purposes only and should not be construed as financial advice. Readers are advised to conduct thorough research before making any investment decisions, as the views expressed in the article are personal opinions and do not necessarily reflect The Crypto Basic’s stance on the matter.
