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BTC BTC $110,520.24 ◢ 2.24%
Long-term bitcoin holders have certainly been liquidating faster than I flip through my old Borscht Belt jokes. These patient folks offloaded 97,000 BTC (about $3 billion) on Friday. Glassnode, that fancy blockchain analytics firm, says it’s the largest single-day sell-off since, well, since Toastman had his last big laugh.
The 14-day moving average of coins spent has rocketed to nearly 25,000 BTC, the highest it’s been since the dawn of the new year.
Bitcoin’s price took more out of our wallets than a Oompa Loompa dance, falling over 3.7% to $108,000 on Friday. By Monday morning, it had tumbled to $107,400 and, lo and behold, as of now, it’s at $103,330. Down 16% from its record high of $124,429, according to CoinDesk data. Talk about a rollercoaster!
Note that the profit-taking is slower than the last time we went crazy over a coffee at the end of 2024.
What’s driving the profit-taking?
Long-term holders, including those wallets that haven’t seen daylight in years, have been selling since Bitcoin broke into this extravagant $100,000 club early this year. Get this, folks: How many assets in the world trade at $100K per piece? I couldn’t count past four! So, investors thinking, “Hey, this is too pricey!” and decided to cash in on their windfalls.
This also means that the market is taking its time getting used to $100K as the new normal for BTC. We could be in for a while of “broad range trading” around the six-figure price tag, giving folks time to get comfy with these fancy digits.
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2025-09-02 09:38