The Bitcoin market has recently experienced a significant development as long-term holders have begun selling their tokens to crypto exchanges. According to CryptoQuant, a well-known on-chain analytics company, these holders are looking to capitalize on a potential bull run in the market.
CryptoQuant took to their official account on X to share the efforts of these Bitcoin holders. They stated that the ultra-long term holders are not currently sending their Bitcoin to exchanges as they are anticipating a stronger bull market. This indicates that they are confident in the future growth of Bitcoin and are holding onto their tokens in order to benefit from a potential surge in price.
In a recent post, CryptoQuant revealed that this selling trend has been occurring over the past month. During May, the long-term Bitcoin holders reportedly sold a significant amount of tokens, totaling up to $10 billion. This equates to approximately 160,000 coins.
This move by long-term holders is noteworthy as it represents a shift in market dynamics. Historically, these holders have focused on retaining their assets during market fluctuations, which has contributed to the overall stability of Bitcoin’s price. However, the recent surge in token liquidation suggests a change in sentiment among these holders.
In the month of June alone, long-term holders have sold over 40,000 tokens, indicating a consistent trend of offloading their assets. This continuous liquidation could be seen as a strategy to create a strong bull market for Bitcoin.
Overall, this development in the Bitcoin market demonstrates the confidence and anticipation of long-term holders. By selling their tokens now, they hope to take advantage of a potential surge in price and contribute to a robust bull market for Bitcoin.