Long-term Bitcoin holders offload nearly 97,000 coins, coinciding with $1.5 billion investment in ETFs

In a recent turn of events, the Bitcoin market has seen some significant changes that may impact investors. Here's a breakdown of the current situation, along with some key insights, all available exclusively for our subscribers.

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Market Sell-off

Last Friday, long-term Bitcoin holders (LTH) sold off a substantial 97,000 BTC, marking the largest one-day LTH sell-off this year. The sell-off was predominantly from 1-2 year old, 6-12 month old, and 3-5 year old holders. This sale was made by large-scale investors who significantly increased their selling, with specific individual identities remaining undisclosed.

Market Consolidation and Volatility

Currently, Bitcoin is consolidating near the $108-$110K range. However, the market faces resistance at $111.6K and $113.6K, and support at $107.4K. Heavy liquidations occurred around ~$109.5K last week, indicating potential volatility.

External Factors

Escalation in Israel/Gaza and renewed Russia-Ukraine energy strikes have raised the risk premium, adding another layer of uncertainty to the Bitcoin market. These developments could lead to headline-sensitive volatility.

Looking Ahead

As we move forward, it will be interesting to watch whether ETF flows resume after Labour Day to absorb the long-term holder selling. It's also crucial to monitor whether Bitcoin holds the $107.4K support level.

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