Glassnode: Many long-term holders are still waiting for higher prices before releasing more BTC back into the circulation market

According to Glassnode, as the price of Bitcoin rises, all 14 million BTC held by long-term holders have entered a profitable state, which has stimulated an acceleration in selling activity. This has resulted in a significant decrease of over 200,000 BTC since breaking through historical highs. Long-term holders began to take profits when prices were strong and demand was sufficient to absorb them. ETFs played a key role in this process, absorbing more than 90% of the sell pressure from long-term holders. However, as unrealized profits reach more extreme levels, it is expected that more long-term holders will accelerate their sales; short term sales have already exceeded ETF inflows. Nevertheless, because there are still many Bitcoins held by long-term holders, many may be waiting for higher prices before releasing more Bitcoins back into circulation.