Bitcoin long-term holders continued to sell, putting pressure on the market and pushing it close to historical thresholds.

According to Bloomberg, Bitcoin has fallen nearly 30% since hitting an all-time high of over $126,000 in October, with a key reason for weak market support being the continued selling by long-term holders. Data from K33 Research shows that since the beginning of 2023, the supply of Bitcoin that has remained untouched for at least two years has decreased by approximately 1.6 million coins, equivalent to about $140 billion at current prices, reflecting continued selling by long-term holders; in 2025 alone, nearly $300 billion worth of "dormant" Bitcoin will re-enter the market. CryptoQuant points out that the past 30 days have seen the most concentrated allocation of long-term holders in over five years. Previously, this selling pressure was mainly absorbed by demand from spot Bitcoin ETFs and crypto investment institutions, but recently ETF funds have turned to net outflows, derivatives trading volume has decreased, and retail participation has weakened, allowing new supply to be released in a more fragile market environment.