Bitcoin Faces Selling Pressure from Long-Term Holders but Retail Demand Hits Annual High, Say Analysts

On December 9th, crypto insights platform CryptoQuant highlighted significant movements in the Bitcoin market. Analyst Maartunn revealed that since November 8th, long-term holders—defined as wallets that have retained Bitcoin for over 155 days—have divested approximately 827,783 BTC, equating to about $82.59 billion. In juxtaposition, MicroStrategy has significantly bolstered its holdings by acquiring 149,800 BTC during this same timeframe, while spot Bitcoin ETFs have reported an inflow of 84,193 BTC. Notably, these inflows constitute just 30% of the total Bitcoin sold by long-term holders.

Despite the pronounced selling pressure from established holders, the crypto market shows resilience. Maartunn pointed out that retail demand has surged to an annual high, indicating a robust interest among smaller investors. Furthermore, the current metrics of the seller risk ratio and net taker amounts suggest that Bitcoin may have potentially peaked, warranting close observation from market participants.