PANews reported on December 1 that Glassnode published an analysis pointing out that the current daily profits realized by long-term holders are as high as US$2.02 billion, setting a new historical high and exceeding the record in March. The market needs strong demand to fully absorb these excess supplies, which may require a re-accumulation phase to fully digest.
Interestingly, since the peak supply of long-term holders in September, this group has distributed about 507,000 Bitcoins, which, while a significant amount, is still relatively small compared to the 934,000 distributed during the all-time high in March 2024. Assessing the composition of the sources of the sell-off, most of the selling pressure appears to come from coins that have been held for 6 months to 1 year, indicating that further selling from longer-term holders is still possible, and they may need higher prices to be willing to sell their Bitcoin.
