Bitcoin Long-Term Holders Slash Sales, Near $120K Discovery
Bitcoin long-term holders have cut their daily sales below $1 billion, down from over $1 billion in July. Data from Glassnode shows holders aged 3–5 years now sell only hundreds of millions. On-chain metrics support the shift: Binary Coin Days Destroyed has fallen to zero, while the CryptoQuant fund flow ratio stands at 0.057, indicating reduced exchange inflows and rising buy interest. Trading volume surged 33% to $79 billion, and Bitcoin trades within $3,000 of its all-time high at $123,091. Spot markets saw $51 million in net purchases over the past day, reversing a $242 million sell-off on August 10. Sustained accumulation by Bitcoin long-term holders may drive a new price discovery phase near $120 K. Traders should watch on-chain data and exchange flows for confirmation.
Bullish
This development highlights that Bitcoin long-term holders are significantly reducing sales, which, together with bullish on-chain metrics, signals growing market confidence. In the short term, lower outflows and spot market inflows can stabilize the price and attract further buying. Over the longer term, sustained accumulation by Bitcoin long-term holders and reduced exchange supply can drive price discovery toward $120K. Traders typically view such reduced selling pressure and on-chain strength as bullish, likely increasing buy-side momentum. Therefore, the overall market impact is bullish.