Bitcoin (BTC) rises 2.97% to $104,870.2 as of 08:59:37 AM ET, with long-term holders selling into strengthan event analysts view as a bullish indicator.
Wallets holding BTC for over five months have started offloading, with over 1.1 million BTC changing hands after prices surpassed $100K, according to Glassnode.
Analysts at 10x Research point to historical patterns where similar declines in long-term holder supply preceded major Bitcoin rallies. Exchange balances continue shrinking, dropping from 3 million BTC to 2.7 million over six months, reducing available supply for immediate selling. Some of these coins have moved to Bitcoin ETFs, which now manage nearly $40 billion, up from $1.17 billion a year ago.
Bitcoin dominance is approaching 59%, diverging from altcoins. Institutional inflows into spot Bitcoin ETFs and increasing political support, including a recent executive order from President Trump exploring a national Bitcoin stockpile, are reinforcing Bitcoin’s strength. Some analysts now forecast a $200K price target by 2025.
This article first appeared on GuruFocus.
