Bitcoin Holders Pressed the Sell Button 10 Billion Worth of BTC Dumped in May Solely

According to recent data from IntoTheBlock, there has been a significant reduction in Bitcoin holdings by long-term investors throughout 2024. This trend is noteworthy as the actions of these seasoned holders have traditionally served as a critical indicator of market confidence and potential future price movements. In May 2024, approximately 160,000 BTC, valued at roughly $10 billion, were liquidated, marking the largest monthly sell-off of the year and indicating a shift in the long-term holders’ sentiment towards the cryptocurrency. However, June witnessed a comparative slowdown in selling activities, with ‘only’ 40,000 BTC leaving these wallets. Such data points are crucial as they suggest a cooling-off period after a significant market exit, which could influence the asset’s price volatility and investor confidence. Despite the substantial sell-off, Bitcoin’s market price has shown resilience, though it continues to experience moderate fluctuations. As of the latest updates, Bitcoin’s trading price stands at $61,297, reflecting a decrease of 1.7% on the day and an overall decline of about 4% over the past week. These recent movements in Bitcoin’s price and the sell-off trends among long-term holders suggest a more cautious approach is being adopted by some market participants, underscoring the balance between maintaining long-term investment in Bitcoin and securing profits or minimizing losses in response to market shifts.