So, long-term Bitcoin holders got active in a big way late last week. We’re talking about the folks who’ve held onto their coins for a while, not the day traders. According to data from Glassnode, they moved roughly 97,000 BTC on Friday. That’s the largest single-day outflow from this group we’ve seen all year.
But before anyone gets too worried, it’s worth noting this activity is still within what analysts are calling the “normal” range for this market cycle. It’s actually still below the huge distribution spikes we all saw back in October and November of last year. Most of the coins moved were held for one to two years, with a good chunk also in the six-month to five-year age range.
Where’s the Price Headed?
All this selling happened while Bitcoin’s price was already feeling shaky. The price dipped over the weekend, hovering around $107k, before settling near $109k today. That’s a noticeable pullback from its mid-August peak above $124,000. It puts us about 12-14% off that record high.
This wasn’t just about individual sellers, either. The big U.S. spot Bitcoin ETFs saw money flowing out on Friday—about $127 million left BTC funds. Ethereum ETFs saw outflows too. It added up to a general risk-off mood to close out the month after some stronger weeks earlier in August.
Reading the Signals from Long-Term Holders
Here’s the thing about these long-term investors: they’ve already taken massive profits in this cycle. Glassnode’s research points out that they’ve realized more profit than in the 2021 cycle, though they haven’t quite topped the 2017 frenzy. So, waves of selling like this aren’t totally unexpected. It can happen around periods of volatility without completely breaking the market’s upward trend.
The key levels to watch now seem to be support around that $107k to $109k area—which is being tested right now. If that gives way, some analysts are eyeing a much deeper zone near $93k to $95k. On the upside, everyone’s looking at resistance near $113,600.
What Happens Next?
In simple terms, the selling from long-term holders added a bunch of supply to the market. The price dropped because that supply met with weaker demand from ETFs. Whether we go lower depends on if buyers show up to absorb that supply around these key levels. If Bitcoin can push back above $113k to $114k, it would likely ease the near-term pressure.
The overall trend since late last year is still up, let’s be clear. But the mood has shifted a bit. These large, age-diverse distributions have a way of injecting liquidity right when the market is feeling vulnerable, amplifying the down moves. For now, this looks like a normal part of the cycle—not a panic. It probably points toward more choppy, range-bound trading unless a fresh wave of decisive demand steps in.
