Investor interest is recovering, which may drive demand up.

Glassnode's latest report shows a correlation between the selling of long-term Bitcoin holders and the asset's surge toward $120,000. According to CoinMarketCap data, as of the time of writing, Bitcoin trading volume has surged by 32.95% in the past 24 hours, reaching $79 billion.

These long-term holders have shifted from selling an average of about $1 billion worth of Bitcoin daily since July to only selling a few hundred million daily since August.

Unlike the peak in November 2024—when Bitcoin's decline was caused by ETF holders who had held for 6–12 months—the selling last week came from investors who had held for 3–5 years in the previous cycle, and they are taking profits.

This further reinforces the bullish sentiment in the market, as more recent entrants choose to hold rather than sell.