Bitcoin's price has stalled around $112,000 as selling pressure from major holders, known as whales, mounts. Wallets across all holding categories, from those with under 1 BTC to those with over 10,000 BTC, are experiencing distribution. Notably, the largest whales have been selling aggressively, contributing to a noticeable drop in long-term holder supply. The proportion of Bitcoin held for over one year has decreased from 70% to 60%, and those held for more than two years have dropped from 57% to 52%. This liquidating behavior is likely due to investors realizing profits as market prices recover. The three year plus holder group has also shown a downward trend, representing participants who bought in during previous all-time highs around $69,000. These trends suggest that many investors from past cycles are taking advantage of current market conditions to lock in gains, while long-term holders who have kept their positions for over five years remain relatively unaffected by this sell-off.

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