[Analysis] "Bitcoin, continued sell-off by long-term holders...Is a change of hands appearing?"

It has been observed that long-term holders (LTH) who have held Bitcoin (BTC) for more than 6 months have started selling.

On the 1st (Korean time), CryptoQuant contributor Yeon Se Dent reported that "since May, while Bitcoin has been fluctuating between the $100,000 and $110,000 range, the selling trend among long-term holders who have held Bitcoin for more than 6 months has been steadily detected," and analyzed, "The fact that the price is being maintained even as long-term holders continue to sell suggests that new buyers are emerging."

Contributor Yeon Se Dent explained, "This is not a simple realization of profits but a process of changing hands, which is an essential cyclical structure for the continuation of the upward trend," and added, "In particular, the increased proportion of sales among holders who have held for 1–3 years stands out; this can be interpreted as both a part of the profit-taking in the later cycle and as a sign that the initiative is shifting to new participants."