Glassnode
As Bitcoin pushed from $78,000 to $80,000, the 2-to-3-year holder cohort — those who accumulated ahead of the ETF launch — ramped profit-taking to over $209 million per hour, realizing gains in the 60%–100% range. The scale and speed of the distribution signal that long-term holders are treating this price strength as an exit window rather than a continuation signal.
The pattern is a textbook late-cycle dynamic: patient money that bought into the ETF narrative is now selling into the liquidity that same narrative attracted. When the cohort with the most unrealized gain starts moving at this velocity, it typically caps short-term upside until the supply overhang clears.
Near-term price action will depend on whether spot demand — institutional or retail — can absorb the sell pressure without a meaningful pullback.
CoinTelegraph
CoinDesk
WuBlockchain