The Bitcoin market is heating up as long-term holders (LTHs) ramp up their selling activity, reaching -366K BTC/month—the highest rate since April 2024.
Much of this selling comes from the 6–12 month holding cohort, which has been offloading an average of 25.6K BTC daily.
These investors, with an average cost basis 71% lower than the current market price (~$57.9K), have taken advantage of Bitcoin’s surge from $74K to $99K to lock in substantial profits.
Things are getting heated! #Bitcoin long-term holders (LTHs) have come out in force, with selling pressure hitting -366K #BTC/month – the highest since April 2024. But who is actually selling? Let’s dig deeper: https://t.co/hr64gBGUCd
🧵👇 pic.twitter.com/OpsayTaNsf— glassnode (@glassnode) November 25, 2024
Despite the pressure from LTHs, U.S. spot ETFs have absorbed 90% of the selling, showcasing strong institutional demand that continues to drive Bitcoin closer to the $100K milestone.
The battle for $100k $BTC rages on.
While 60k addresses acquired 22.74k BTC above the current price, the real highlight is the growing support below:
458k addresses have amassed a staggering 344k BTC. A strong foundation to fuel a move beyond $100k pic.twitter.com/jJ9zqSX1kR
— IntoTheBlock (@intotheblock) November 25, 2024
Over the past seven weeks, spot Bitcoin ETFs have seen consistent net inflows, culminating in a record $3.38 billion during the latest reporting period. BlackRock’s ETF led the way with $2.05 billion in weekly inflows, followed by Fidelity’s $773 million.
Bitcoin spot ETF had a net inflow of $3.38 billion from November 18 to November 2 last week, setting a new record for weekly net inflow, and net inflow for seven consecutive weeks. BlackRock ETF IBIT had a weekly net inflow of $2.05 billion, and Fidelity ETF FBTC had a weekly net… pic.twitter.com/QmjU8Taz6K
— Wu Blockchain (@WuBlockchain) November 25, 2024
Binance also reached an all-time high in its Bitcoin reserve market share, holding 40% among global proof-of-reserves exchanges, a testament to its resilience amidst years of uncertainty in the crypto space.
Despite years of FUD, @Binance customer BTC balance market share reached ATH.
It holds 40% of the #Bitcoin reserve market share among global PoR exchanges, growing every year.
Losing Binance would have made it difficult for the global crypto ecosystem to recover for some time. pic.twitter.com/PaUKuEVs2R
— Ki Young Ju (@ki_young_ju) November 25, 2024
Bitcoin Network Now At Peak Performance
Meanwhile, Bitcoin’s network is operating at peak performance, with over 4.43 million ASIC mining rigs now online. This year alone, the mining infrastructure expanded by 23%, driving the hash rate to new all-time highs.
Around 4.43M ASIC mining rigs are powering the #Bitcoin network.
The all-time high hash rate is driven by more rigs, not better chip performance. This year alone, mining rigs have increased by 826K (+23% YTD).
Think about what it means when institutional miners go all in. pic.twitter.com/Arf1igEepK
— Ki Young Ju (@ki_young_ju) November 25, 2024
MicroStrategy ($MSTR) is another key player, with its Bitcoin holdings premium returning to levels seen during the 2021 bull run. CEO Michael Saylor’s strategic handling of leverage during the 2022 bear market positioned the company well for the current rally.
$MSTR's Bitcoin holdings premium is back to levels last seen during the 2021 bull run.
Its premium peaked in mid-2021 but never fell below zero in the last bear market. $GBTC dropped to a -48% discount during that time, triggering a crisis as leverage unwound.@saylor knows how… pic.twitter.com/kgDnx5JuZU
— Ki Young Ju (@ki_young_ju) November 25, 2024
With 458K addresses accumulating 344K BTC below current prices, Bitcoin has a strong foundation to push past $100K. The battle for this historic milestone is in full swing, backed by robust institutional and retail support.
Long-term Bitcoin holders sold 128K $BTC, but U.S. spot ETFs absorbed 90% of the selling pressure. 🔥
Strong institutional demand is fueling BTC’s rally, bringing it closer to the $100K milestone. 🚀💎 pic.twitter.com/0NjXVaOQLC
— Kyledoops (@kyledoops) November 24, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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