Long-term Bitcoin holders sold 200,000 BTC in 2024, worth $10 billion in May and $1.2 billion in June, reflecting a declining trend.
Long-term Bitcoin (BTC) holders have been reducing their holdings throughout 2024, with significant sell-offs observed in May and June. According to IntoTheBlock data, May saw a sharp decline in long-term BTC holdings, with approximately 160,000 BTC worth around $10 billion sold.
Long-term BTC holders have been reducing their holdings throughout 2024.
May saw a significant drop with 160k BTC (~$10B) sold. The selling slowed down somewhat in June, with 40k $BTC Leaving long-term holders' wallets pic.twitter.com/POtniNrU4p
— IntoTheBlock (@intotheblock) June 28, 2024
Although the selling slowed in June, another 40,000 BTC left long-term holders’ wallets. This activity has correlated with fluctuations in Bitcoin’s market price.
The chart by IntoTheBlock indicates a steady decrease in the holdings of long-term BTC holders, specifically those who have held Bitcoin for over a year, throughout 2024. This decline is represented by the blue line, indicating a consistent sell-off throughout 2024. In May, there was a notable sharp decline, confirming a reduction in holdings.
June’s Slower Selling Pace
Following May’s reduction, June saw a less steep yet noticeable decline in long-term holdings.
Despite the slowdown, the continued selling by long-term holders indicates ongoing market adjustments. The black line representing BTC price fluctuations shows a general downward trend, corresponding with the reduction in holdings by long-term investors.
Ownership Distribution Insights
Previously, in February, on-chain data revealed that a large number of Bitcoin addresses were holding BTC at a loss after collectively spending around $25 billion to enter the market at an average price of $52,125.
Market analyst Lookonchain highlighted the potential for selling pressure in the crypto market, noting that 848,390 Bitcoin wallets had joined the market at this average purchase price. The data, sourced from market intelligence provider IntoTheBlock, underscored the challenges faced by many investors.