Bitcoin Range-Bound as Whales and Long-Term Holders Cash Out

Bitcoin (BTC) remains confined to the $110,000–$120,000 range, while gold and U.S. equities continue to hover near record highs.

Data from Glassnode’s Accumulation Trend Score by cohort indicates that selling pressure is widespread across all wallet sizes. This metric measures accumulation versus distribution over the past 15 days for wallets of different sizes, excluding exchanges and miners. A score closer to 1 signals accumulation, while a score near 0 indicates distribution.

Currently, every cohort—from small wallets holding under 1 BTC to whales with over 10,000 BTC—is in distribution. The largest whales are among the most aggressive sellers seen in the past year.

Long-term holders are also reducing their positions. The share of circulating BTC unmoved for at least 1 year has dropped from 70% to 60% since its peak in November 2023, when BTC traded near $40,000. Holders of coins older than 2 years have decreased their supply from 57% to 52%, while the 3+ year cohort has steadily declined to just above 43% since November 2024. These wallets primarily include investors from the 2021 cycle top near $69,000 and buyers from the 2022 bear market lows around $15,500, now realizing profits as BTC recovers.

In contrast, holders with coins aged 5+ years remain largely inactive, showing that the longest-term investors are not contributing to current selling pressure.

Overall, these trends highlight that investors sitting on unrealized gains from this cycle are actively taking profits, sustaining the ongoing market pressure on Bitcoin.