Glassnode: Many long-term holders are still waiting for higher prices to release BTC back into circulation

ChainCatcher message, according to data disclosed by Glassnode, as the price of Bitcoin rises, the 14 million BTC held by long-term holders have all entered a profit state, which has triggered an acceleration of selling activity, resulting in a decline of over 200,000 BTC in non-small balances since the historical high was breached.

Long-term holders began to take profits when prices were strong and demand was sufficient to absorb, during which ETFs played a key role in absorbing over 90% of the selling pressure from long-term holders. However, as unrealized profits reach more extreme levels, it is expected that more long-term holders will accelerate their selling, and in the short term, this selling has already exceeded the inflow of ETFs.

However, since a large amount of Bitcoin is still held by long-term holders, many of them may be waiting for higher prices before releasing more Bitcoin back into the circulating market.