Glassnode
Glassnode data shows the 2-3 year Bitcoin holder cohort stepped up profit-taking to over $209 million per hour as $BTC spiked from $78,000 to $80,000. These are the wallets that accumulated through the 2022 bear market and into the run-up to spot ETF approvals, and they are now realizing 60% to 100% gains on positions held across the cycle's deepest drawdown.
Why it matters
Long-term holder distribution is a known phase of every Bitcoin cycle. What distinguishes this print is the speed — $209M/hr is a realized-cap impulse large enough to dent the tape even with ETF demand absorbing the other side. The cohort that survived the FTX collapse and the 2022 lows is selling into the strongest bid the asset has ever seen, which tells you their time horizon was the cycle, not the level.
Market impact
Price absorbed the supply without a drawdown, which is the cleanest read on this data: demand at $80K is wider than the supply being unloaded. Watch the realized-cap metric — if hourly distribution stays above the $100M/hr band while price holds the $78K floor, the market is digesting exit liquidity cleanly. If distribution accelerates and price stops absorbing, the cohort that bought the bottom is the cohort that defines the top.
Frequently asked questions
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Which Bitcoin holders are selling into the $80K rally?
The 2-3 year holder cohort — wallets that accumulated through the 2022 bear market and into the run-up to spot ETF approvals — is the group ramping up profit-taking, per Glassnode data.
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How much are long-term Bitcoin holders realizing per hour?
Glassnode shows the 2-3 year cohort realizing over $209 million in profit per hour as Bitcoin ran from $78,000 to $80,000.
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What gains are these Bitcoin holders locking in?
The cohort is realizing between 60% and 100% gains on positions built through the deepest part of the 2022 cycle.
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Is long-term holder selling bearish for $BTC?
Distribution is a known phase of every Bitcoin cycle, not a bearish signal on its own. The pace matters: $209M/hr is a large realized-cap impulse that demand must absorb to keep price stable.
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What signal should traders watch next on Bitcoin?
Realized-cap distribution impulses — if hourly profit-taking stays above $100M/hr while price holds the $78K floor, ETF-era demand is absorbing exit liquidity cleanly. Acceleration of selling against stalled price would mark the cohort defining a top.
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