Spending by Bitcoin Long-Term Holders Reaches $4.02 Billion Amid Price Discovery Potential

• Long-term holders of Bitcoin are making waves in the market, with spending activities peaking at a three-month high of $4.02 billion.

• This recent surge comes as Bitcoin reached a significant milestone of $110K, entering a new price discovery phase that is attracting considerable attention.

• Notably, a statement from Glassnode highlights the unusual movement of older wallets, which signals a potential shift in market dynamics.

Bitcoin’s long-term holders are showing increased spending patterns, reaching $4.02 billion, amidst a key price discovery phase at $110K.

Market Dynamics: Older Wallets Begin to Move

Recent data indicates that older Bitcoin wallets are becoming more active, albeit with caution. The HODLer Net Position Change metric has decreased significantly, dropping to -30.8K BTC—a concerning trend for those who track market sentiments. According to Checkonchain, this sustained decline suggests long-term holders are starting to liquidate some of their assets in response to the market’s recent price jump.

Understanding the Spending Spike Among Long-Term Holders

As highlighted by Glassnode, spending among long-term holders has recently surged, reaching a three-month peak. The total outflow from the 1-5 year cohort recently hit $4.02 billion, marking a dramatic increase and the largest such outflow since February. Within this cohort, those holding Bitcoin for 3-5 years accounted for a substantial portion of this spending, totaling approximately $2.16 billion.

Comparing Current Trends to Historical Cycles

When viewed through the lens of historical performance, current spending levels, while notable, remain modest compared to earlier cycles. In February 2025, for instance, Bitcoin holders in the 2-3 year category sold an impressive $5.42 billion worth of BTC. This suggests that while older wallets are indeed selling, they are doing so with considerably more restraint compared to previous cycles.

Analyzing the Impact of Market Conditions on Holder Behavior

The net position change remains positive—approximately 745K BTC—indicating that overall, long-term holders are maintaining a net accumulation strategy rather than selling off in mass. Although the recent spending echoes a typical behavior observed during price spikes, it ultimately does not suggest a widespread panic or mass exit among holders.

Future Outlook: Why a Bullish Trajectory Persists

Considering the present market conditions, the current selling pressures seem manageable and do not suggest a severe downturn. As long as the rate of selling remains relatively controlled, Bitcoin’s path appears to remain bullish. Analysts speculate that should these conditions stay the same, Bitcoin’s price may aim for $120K, before we witness more aggressive profit-taking from long-term holders.

Conclusion

The recent surge in spending by Bitcoin long-term holders signifies a complex market behavior but does not imply a clear exit. With significant price movements and cautious selling, the outlook for Bitcoin indicates strong potential for upward momentum. Stakeholders should remain vigilant as the market adjusts, but the fundamentals for a bullish trajectory appear solid.