Major cryptocurrency holders sold $ 3 billion worth of bitcoin in just one day

Long-term bitcoin holders have sharply increased sales, putting additional pressure on the market. On Friday. august 29. They sold 97,000 BTC for nearly $ 3 billion, the largest one-day sale this year, Coindesk reports, citing analysts at Glassnode. Such activity has been the main factor behind the recent surge in liquidations by so-called «patient» investors.

Amid the massive sales, the price of bitcoin fell by more than 3.7%, from $ 108,000 on Friday to $ 107,400 on Monday. As of the latest data, it is trading at $ 103,330, which is 16% lower than the record high of $ 124,429. This has increased bearish sentiment, although the current rate of profit taking is still slower than at the end of 2024.

According to Glassnode, the 14-day average of coin volumes spent by long-term holders has risen to almost 25,000 BTC, the highest since January. This category includes investors who have held their assets for more than 155 days. Some of the sales were made even by wallets that had been dormant for years.

The reasons for this trend largely lie in psychology. For many investors, crossing the $ 100,000 mark for one bitcoin looks like a «too expensive» point, which prompts them to take profits. There are few similar assets with such a value per unit in the world, and this pushes coin holders to sell.

Analysts believe that it will take time for the market to accept $ 100,000 as the new normal for BTC. In the short term, we can expect a wide range of price movements around the six-figure mark while investors get used to this level of cryptocurrency valuation.