Bitcoin Range-Bound as Whales and Long-Term Holders Sell Off
Bitcoin (BTC) remains stuck between $110,000 and $120,000, even as gold and U.S. stocks hover near all-time highs.
Glassnode’s Accumulation Trend Score shows selling across all wallet cohorts, from holders of under 1 BTC to whales with more than 10,000 BTC. The largest whales are leading the offloading, marking some of the highest distribution levels in the past year.
Long-term holders are also realizing gains. Wallets holding coins for over one year have declined from 70% to 60% since November 2023, while 2+ year holders dropped from 57% to 52%. The 3+ year cohort has steadily fallen to just above 43% since late 2024, reflecting profit-taking from buyers at previous cycle tops and bear market lows.
Meanwhile, holders of 5+ year coins remain largely unmoved, indicating confidence among the longest-term investors.
The combined selling pressure from whales and cycle-era holders is keeping Bitcoin range-bound despite broader market strength.
