"Bitcoin rally will start only after long-term investors stop selling"

It was claimed that Bitcoin (BTC) price rebound will begin only after selling pressure from long-term holders (OG) stops.

According to Cointelegraph on the 20th (local time), on-chain analyst James Check said, "The current market weakness is simply due to large sell volumes from older holders," and analyzed, "The selling pressure they create is acting as a major resistance level for the Bitcoin price."

He added, "The average holding period of recently circulated Bitcoin is lengthening. This is a sign that long-term holders are realizing profits." In fact, realized profit (realized profit) was $1.7 billion per day, and realized loss (realized loss) was $430 million, marking the third-highest level within the cycle. The 'revived supply' of coins that had been held long-term flowing back into the market was also $2.9 billion per day, the second-highest.

Analyst Will Clemente said, "The relative weakness of Bitcoin over the past year is mainly due to the transfer of supply from OG investors to traditional finance (TradFi) institutions," and "This phenomenon will naturally disappear as the market reshapes itself over the next few years."

Mike Novogratz, Galaxy Digital CEO, also expressed the same view. He said, "Investors who have held Bitcoin for a long time have recently been cashing in some assets to realize profits, purchasing things like yachts or stakes in sports teams," and "Right now, the market is simply digesting that profit-taking volume."