- Bitcoin arrived for the third time this cycle $ 110k and entered a new price determination phase.
- Compared to earlier cycles, the current sale remains moderate, whereby the long -term holders are still rising.
In the past two weeks, Bitcoin [BTC] For the third time this cycle rose to a new highest point of $ 110k from $ 110k.
Bitcoin officially entered the price discovery phase with the price butt. Historically, discovery phases are followed by considerable sale, because profiters make the opportunity to leave and Derisk at new highlights.
That is of course what the current statistics in the chain are starting to show.
Older portfolios start to move – but carefully
Source: Checkonchain
Data from Checkonchain revealed a sharp fall in the Hodler Net Position Change Metric, which dropped to -30.8k BTC.
With this metric that falls to a negative value for a persistent period, this suggests that holders move coins in the long term.
According to Glass nodeExpenditure by long -term holders are currently at a highest point of 3 months.
In addition, the spent volume of age showed that aggregated BTC sales of the 1-5 -year -old cohort spoke to $ 4.02 billion -the highest such outflow since February.
Source: Glassnode
Those who have held Bitcoin for 3-5 years have spent the most and sell BTC worth $ 2.16 billion. This is the second largest outflow of the cohort this cycle.
The 2-3 year Cohort followed with $ 1.41 billion in volume spent, while holders of 1-2 years moved $ 450 million.
How do it get against earlier cycles?
Source: Glassnode
Although the expenditure by holders appears relatively high in the long term, it still remains low when we look at earlier cycles.
In February 2025, Bitcoin holders sold BTC for 2 to 3 years for $ 5.42 billion. In October 2024, those who held up for 1 to 2 years loaded $ 9.25 billion.
This trend shows that older portfolios tend to sell more as prices rise, as can be seen in November 2024, when it sold $ 4.39 billion to BTC for 3 to 5 years during a price rally.
Source: Checkonchain
Moreover, the net position change in the long term remains positive at around 745K BTC. That indicates a net accumulation trend, not in mass exit behavior.
Why this is still in favor of BTC
Although selling older portfolios Bitcoin, they don’t spend much. That is why the current spending speed, although on the basis of historical cycles, LTHs retain strongly.
Looking at the supply dynamics, it seems that some holders strategically leave the market in the long term to make a profit.
That is why we can say that it is the normal market pattern when Bitcoin enters the discovery phase.
Unless the sales pressure speeds up sharply, the Bullish process from BTC remains intact. If the current circumstances persist, Bitcoin can focus on $ 120K-Voordat in the short term, he starts more aggressive profit gain.