PANews reported on December 1 that glassnode published an analysis pointing out that the current daily profits realized by long-term holders have reached a new high of $2.02 billion, surpassing the record set in March. The market needs strong demand to fully absorb this surplus supply, which may require a period of re-accumulation to fully digest.
Interestingly, since the peak of long-term holder supply in September, this group has distributed approximately 507,000 bitcoins, which, although a significant amount, is still relatively small compared to the 934,000 bitcoins distributed during the historical high period in March 2024. An assessment of the composition of the source of the sell-off reveals that most of the selling pressure seems to come from coins held for 6 months to 1 year, indicating that further sell-offs from longer-term holders are still possible, and they may require higher prices to be willing to sell their bitcoins.
