Новое давление на биткоин: долгосрочные инвесторы увеличивают продажи, создавая риск коррекции New Pressure on Bitcoin: Long-Term Investors Increase Sales, Creating Correction Risks

Long-term investors have ramped up their Bitcoin sales following the loss of a key price level.

The daily selling volume of long-term holders of the leading cryptocurrency surged from $1 billion in June to $3 billion in October. Experts from Glassnode suggest that this group is exerting pressure on the price.

*»In contrast to previous phases of high selling activity in the current cycle, this distribution trend has been gradual and stable rather than abrupt,»* they noted.

Investors who purchased Bitcoin at an average price of $93,000 between October 2024 and April 2025 have emerged as the primary sellers of the asset. Daily sales volume peaked at $648 million when Bitcoin reached its *historic high of $126,000*, significantly exceeding the baseline level by more than five times.

More than 50% of the selling pressure came from holders who had owned their coins for six to twelve months, analysts emphasized.

According to experts, the $113,000 level currently acts as a dividing line between bearish and bullish sentiments. Bitcoin *recently climbed* to this level but for only a short time.

At the time of writing, the leading cryptocurrency is trading around $108,400.

The inability to maintain a position above $113,000 after six months of stable trading at high levels indicates a decline in buying activity, Glassnode pointed out.

*»In the past two weeks, Bitcoin has failed to close a weekly candle above this significant threshold, increasing the risks for further correction,»* the experts explained.

If the trend continues, a decline to the next significant support level near $88,000—representing the realized price for active investors—may occur. Historically, this indicator has often marked phases of deep corrections.

Future demand dynamics will rely on short-term holders. To quantitatively assess stress within this category, analysts employed the STH-NUPL metric, which measures the proportion of unrealized profits or losses in the total market capitalization.

Historically, extremely low readings of this indicator typically coincide with capitulation phases that precede market bottoms.

The current decline in the leading cryptocurrency has brought the STH-NUPL down to -0.05, indicating relatively moderate losses. For comparison, during average corrections in a bullish trend, values usually reach -0.1/-0.2, while in deep bearish phases, they fall below -0.2.

*»As long as Bitcoin trades within the range of $107,000-$117,000—the buying concentration zone for major investors—the market maintains a fragile equilibrium. Although full-scale capitulation is not currently observed, time is working against the bulls as market participants’ confidence gradually erodes,»* Glassnode emphasized.

It’s worth noting that an analyst using the pseudonym Crypto Dan *predicted* the completion of the correction and the beginning of an altcoin rally.