Since September, both MicroStrategy and U.S.-listed spot exchange-traded funds (ETFs) have amassed around 200,000 bitcoin each. The rise in bitcoin’s price, spurred by Donald Trump’s victory in the U.S. election on November 5, has seen the cryptocurrency surge from $67,000 to nearly $100,000. This price spike has been accompanied by a dramatic increase in bitcoin’s total trade volume, which has now surpassed $100 billion.

Data from Checkonchain indicates that bitcoin futures trading volume hit an all-time high of approximately $120 billion on November 17, nearly doubling since the election. However, after this peak, futures trading volume has stabilized around $100 billion. Similarly, spot trading volume has also doubled, increasing from about $6 billion to $12 billion, with U.S. spot ETFs now seeing about $4 billion in daily trading volume.

Bitcoin’s price remains stuck within a crucial $100,000 range, oscillating between this psychological level. A significant factor in the price fluctuations is the selling pressure from long-term holders (LTHs), or investors who have held their bitcoin for over 155 days. Since September, LTHs have sold off 843,113 BTC, while short-term holders (STHs) — those who have held their bitcoin for less than 155 days — have accumulated 1,081,633 BTC. This equates to LTHs selling about 9,960 BTC per day, while STHs have been purchasing about 12,432 BTC per day.

When comparing trading volumes between LTHs, STHs, and major institutional players, such as MicroStrategy and U.S. ETFs, the difference is notable. MicroStrategy holds 423,650 BTC, representing just over 2% of the total supply. U.S. ETFs now collectively hold more than 1 million BTC.

Since September, MicroStrategy has added 197,250 BTC, averaging 2,168 BTC per day, while U.S. ETFs have accumulated 205,000 BTC, averaging 2,253 BTC per day. U.S. ETF holdings have grown from 916,000 BTC to 1.12 million BTC.

For bitcoin to break decisively above the $100,000 threshold, long-term holders will need to reduce their selling activity, or larger institutional players will need to step in and absorb the sell pressure.