Long-term bitcoin (BTC) holders have actively increased their sell-offs, with 97,000 BTC offloaded in a single day, marking the largest liquidation of this year. This sell-off translated to approximately $3 billion and has contributed to the cryptocurrency's recent price decline, with BTC falling over 3.7% to $108,000 before continuing to drop to around $103,330, which is 16% below its record high of $124,429. This trend is attributed to investor psychology, as many perceive the $100,000 price point as a critical threshold, prompting profit-taking by long-term holders. Glassnode, a blockchain analytics firm, notes that the 14-day moving average of coins spent by these holders has surged to almost 25,000 BTC, the highest since January. This suggests a major shift in market dynamics as long-term holders, some of whom have not transacted in years, begin cashing out their investments amid bearish pressure.

Source 🔗