Recent reports reveal that long-term Bitcoin (BTC) holders are offloading significant portions of their assets as prices have declined to $91,500. Notably, on-chain specialist Checkmate highlights this period as one of the most intense for profit-taking observed in the ongoing market cycle.
What Are the Figures Behind Recent Sales?
According to Checkmate, long-term holders have contributed about $60 billion worth of BTC into the market within the last month. Since the collapse of FTX, he noted that November has seen 21% of total supply from long-term holders being sold off.
“Long-term Bitcoin investors distributed $60 billion worth of supply in the last 30 days. We are experiencing the most intense profit-taking period in the current cycle.”
Is Bitcoin Still a Safe Investment?
In spite of the current sell-off, Checkmate maintains that Bitcoin’s status as a store of value is gaining traction, comparing it to gold. He believes that as more investors grasp its potential, Bitcoin will increasingly be seen as a legitimate asset class.
“I believe Bitcoin is special and plays a significant role in portfolios. We see more and smarter investors understanding the system, and Bitcoin competing with gold.”
As Bitcoin hovers around $94,700, market participants are critically analyzing how these recent sales may affect future price shifts. This phase of substantial profit realization may lead to a reassessment of investment strategies among long-term holders.
- Long-term holders have sold $60 billion worth of Bitcoin in 30 days.
- 21% of the supply under long-term holders has been sold in November alone.
- Bitcoin’s growing reputation as a store of value is being recognized by more investors.
- Market fluctuations are prompting reevaluation of investment strategies.
The ongoing sell-off may impact not only the short-term price action but also the long-term perception of Bitcoin as an asset class, especially in the context of economic stability.