Glassnode: Current BTC long-term holders realize a record daily profit of over $2 billion, but the distribution volume is still relatively small

Glassnode analysis pointed out that the current daily profits realized by long-term holders are as high as $2.02 billion, setting a new historical high, exceeding the record in March. The market needs strong demand to fully absorb these excess supplies, which may require a re-accumulation phase to fully digest. Since the peak of long-term holder supply in September, this group has distributed about 507,000 bitcoins, which is a considerable amount, but it is still relatively small compared to the 934,000 distributed during the historical high in March 2024. Evaluating the composition of the selling sources, it was found that most of the selling pressure seemed to come from coins with a holding time of 6 months to 1 year, indicating that further selling from longer holders is still possible, and they may need higher prices to be willing to sell their bitcoins.