In 2024, long-term Bitcoin holders sold 200,000 Bitcoins, worth $10 billion in May and $1.2 billion in June, reflecting a downward trend.
Throughout 2024, long-term Bitcoin (BTC) holders have been reducing their holdings, with significant selling in May and June. According to data from IntoTheBlock, the amount of long-term BTC holdings sharply declined in May, with approximately 160,000 BTC sold, worth around $10 billion.
Long-term BTC holders have been reducing their holdings in 2024. Sales decreased significantly in May, with 160,000 BTC (approximately $10 billion) sold. Sales in June slowed down, with 40,000 BTC leaving the wallets of long-term holders. pic.twitter.com/POtniNrU4p – IntoTheBlock (@intothblock) June 28, 2024
Although selling slowed down in June, 40,000 Bitcoins still left the wallets of long-term holders. This activity is related to the fluctuations in the Bitcoin market price.
IntoTheBlock’s chart shows that throughout 2024, the number of long-term Bitcoin holders, especially those holding Bitcoin for over a year, steadily decreased. The blue line represents this decline, indicating continuous selling throughout the year. The significant decline in May confirms the reduction in holdings.
Slower sales in June
After the decrease in May, long-term holdings in June experienced a less drastic but noticeable decline.
Despite the economic slowdown, the continued selling by long-term holders indicates that the market is undergoing an adjustment. The black line, representing the overall downward trend in Bitcoin price volatility, corresponds to the reduction in holdings by long-term investors.
Insights into ownership distribution
Previously, in February, on-chain data revealed that a significant number of Bitcoin addresses held Bitcoin at a loss after entering the market with an average purchase price of $52,125, spending a total of approximately $25 billion.
Market analyst Lookonchain highlighted the potential selling pressure in the cryptocurrency market, pointing out that 848,390 Bitcoin wallets entered the market at this average purchase price. These data from market intelligence provider IntoTheBlock underscore the challenges faced by many investors.