Bitcoin Sell-Off: $42 Billion Leaves the Market
Bitcoin's price has fallen below $104,000, with long-term holders selling $42 billion worth of BTC. At the time of writing, Bitcoin is trading at around $102,572, a 3.04% decline in the last 24 hours.
The decline extends weekly losses to 8% and monthly losses to 17%, marking a significant retreat from the cryptocurrency's recent all-time highs.
Long-Term Holders Sell Off
A sustained sell-off by long-term holders has led to the liquidation of over 400,000 BTC, worth approximately $42.3 billion, in the past month. CryptoQuant analyst Maartunn noted a net decrease of 405,000 BTC on a rolling 30-day basis.
Long-term holders, defined as entities that have held coins for at least six months without selling, began offloading their positions after Bitcoin reached new all-time highs above $126,000 in early October.
Market analysts view this distribution phase as a critical test of Bitcoin's ability to maintain support above six figures.
Author's summary: Bitcoin price falls as long-term holders sell off $42 billion worth of BTC.