Glassnode reveals that long-term Bitcoin holders (holding >155 days) are beginning to realize profits.
This selling pressure is likely acting as a barrier to new all-time highs, even as institutional demand remains strong. While the long-term outlook is still positive, this behavior suggests that profit-taking from early holders could temporarily cap the current rally.
Despite marked LTH profit-taking and spending, their proportion of network wealth continues rising, showing maturation and accumulation pressures outweighing distribution behavior.
This trend is highly atypical for late-stage bull markets, which traditionally see declining LTH supply during sustained distribution periods. The current cycle reflects unique duality: elevated LTH spending occurs alongside even greater coin aging into maturity.
This introduces new market structure where LTH wealth appears stickier than prior cycles. A likely driver is U.S. Spot Bitcoin ETFs and growing institutional participation, which may anchor larger supply portions in long-term custody.
