Who’s Been Selling Bitcoin Above $100K and Holding Back the Price Rally?”
Bitcoin has been flirting with the psychologically critical $100,000 level, but despite occasional spikes above that mark, the world’s largest cryptocurrency has struggled to maintain momentum. A deeper dive into on-chain data reveals a key reason: strategic profit-taking by certain early adopters and institutions, which has introduced significant selling pressure just as retail optimism returns.
📉 Who's Selling?
According to blockchain analytics firms, the recent resistance above $100K is being driven primarily by wallets that accumulated large Bitcoin positions before the 2020-2021 bull cycle. These long-term holders — often referred to as "smart money" — are realizing profits at these levels, especially those who entered when BTC was under $10,000.
Institutions and early miners, many of whom accumulated thousands of BTC at extremely low costs, have seen their portfolios grow exponentially. Naturally, the temptation to lock in profits at this historical price point is high — and they are doing so strategically rather than all at once.
🧠 What's the Impact?
The impact is psychological and technical:
Psychologically, $100,000 is a huge milestone, encouraging both FOMO-driven buying and profit-motivated selling.
Technically, the increased sell pressure creates a strong resistance level, making it harder for BTC to break out into a sustainable rally beyond this point.
This scenario is common in historical bull markets — where older wallets start distributing as newer market participants enter with fresh capital. These sell-offs are not necessarily bearish long-term but represent healthy market rotations.
💹 Glassnode & CryptoQuant Insights
Blockchain tracking platforms like Glassnode and CryptoQuant report increased activity from "old coins" — defined as BTC untouched for over 155 days — being moved to exchanges. This signals potential selling.
Interestingly, short-term holders (STHs) are largely sitting on unrealized profits
🚀 Will BTC Rally Again?
