Glassnode: Many long-term holders are still waiting for higher prices to release more BTC back into circulation

According to data disclosed by Glassnode, as the price of Bitcoin rises, all 14 million BTC held by long-term holders have entered a state of profit, which has stimulated the acceleration of selling activities, resulting in a non-insignificant balance drop of more than 200,000 BTC since the historical high breakthrough. Long-term holders began to take profits when prices were strong and demand was sufficient to absorb them. ETFs played a key role in this process, absorbing more than 90% of the selling pressure from long-term holders. However, as unrealized profits reach more extreme levels, more long-term holders are expected to accelerate selling, and such selling has exceeded ETF inflows in the short term. However, since a large amount of Bitcoin is still held by long-term holders, many long-term holders may be waiting for higher prices before releasing more Bitcoin back into the circulation market.