Summary
- Despite the selling by mid- to long-term Bitcoin (BTC) holders, the market's demand is reportedly absorbing it.
- It is reported that after significant profit-taking by 3-5 year and 7-10 year holders, the price has remained stable.
- The absorption by new investors is interpreted as a sign supporting bullish sentiment for Bitcoin.
Although mid- to long-term holders of Bitcoin (BTC) continue to realize profits by selling, strong market demand is reportedly absorbing these sell-offs, leading to expectations for a bullish July.
On the 1st (local time), crypto-focused media outlet Cointelegraph reported, citing on-chain data analysis firm Glassnode, that 'recently, while Bitcoin mid- to long-term holders have increased selling pressure by taking profits, the price has remained solid.'
The report continued, 'Holders with 3-5 year positions realized $849 million, while holders with 7-10 year positions liquidated $485 million.' It added, 'Despite this selling pressure, Bitcoin's price has remained stable.'
As for the reason for the limited price decline, it analyzed, 'New investors are actively absorbing the coins being sold,' and interpreted this as 'a signal that supports bullish sentiment around Bitcoin.'
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
