- Bitcoin has reclaimed $110K, with long-term holders spending $4.02B—marking a cautious return to profit-taking.
- Despite increased selling, the trend remains moderate, keeping Bitcoin’s rally toward $120K still in play.
Bitcoin [BTC] has reclaimed the $110,000 mark for the third time this cycle, officially entering a new price discovery phase. While that might sound like another rocket launch to the moon, on-chain signals suggest the next move will depend heavily on one group: long-term holders (LTHs).
Spending Spree or Strategic Exit?
According to on-chain data from Checkonchain and Glassnode, spending by long-term holders has reached a 3-month high of $4.02 billion. Most of this comes from wallets that have held BTC for 1 to 5 years. Specifically, those in the 3–5 year category spent $2.16 billion—marking their second-largest exit this cycle.
Despite this uptick, it’s not yet panic selling. The HODLer Net Position Change metric has dipped to -30.8K BTC, indicating more coins are moving—but gradually. Long-Term Holder Supply still sits at a net positive of 745K BTC, signaling that the broader group continues to accumulate, not capitulate.
Also read: Ethereum ETF Inflows Soar to $71M — Can ETH Price Break Past $2,900 Next?
How Does This Compare to Previous Cycles?
Compared to major sell-offs in 2024 and early 2025—where some cohorts dumped over $9 billion in BTC—the current numbers are moderate. This measured approach suggests that many older wallets are selling strategically at highs rather than dumping en masse.
What It Means for Bitcoin’s Rally
While the $110K mark brings bullish momentum, historical data warns of increased profit-taking during such price discovery periods. The current selling pressure, though notable, isn’t extreme enough to derail the rally—yet.
If the current accumulation and moderate sell-off trend continues, Bitcoin could push toward $120K before facing stronger resistance. However, if spending by older wallets accelerates, it could signal the start of a more significant correction.
All eyes are on the long-term holders. If they continue selling modestly, Bitcoin’s rally is likely to hold. But a sharp shift in sentiment from this cohort could make or break BTC’s shot at setting new records.
