Bitcoin’s path to its next major rally may remain bumpy as long as early adopters and long-term holders keep cashing out, according to several market analysts.
Crypto analyst James Check argued on Sunday that the sluggish recovery of Bitcoin and the broader crypto market isn’t the result of manipulation, “paper BTC,” or external suppression — but simply the outcome of sustained selling by experienced holders.
“The market is facing old-fashioned profit-taking,” Check noted, explaining that the persistent sell pressure from seasoned Bitcoin holders has been underestimated and is now acting as a major headwind.
Onchain data shared by Check shows that the average age of coins being sold has been increasing over recent months — a strong sign that veteran investors are distributing their holdings. Another metric revealed that realized profits are now exceeding $1.7 billion per day, while realized losses have risen to around $430 million daily, ranking among the highest levels seen this cycle.
Meanwhile, “revived supply” — coins that had been dormant for a long period — surged to roughly $2.9 billion per day, the second-highest point of the current cycle.
Veteran Holders Pass the Baton
Crypto researcher Will Clemente echoed similar views, describing the past year as a transition phase where Bitcoin’s ownership has been shifting from “OGs” to institutional players.
“The last year of relative weakness for BTC has been mostly a transfer of supply from long-time holders to traditional finance,” Clemente said, adding that this process will likely fade into irrelevance in the coming years.
Galaxy Digital CEO Mike Novogratz also highlighted the same dynamic in a recent discussion with Raoul Pal.
“Many of the early Bitcoin believers have finally decided to take profits after a massive run-up,” Novogratz said. “Some of them are buying yachts or investing in sports teams — they’re just diversifying after years of holding.”
He added that the only notable selling pressure his firm has observed lately has come from “old OGs and miners,” suggesting that newer investors aren’t driving the downturn.
Price Action Holds the Line
Despite the selling, Bitcoin managed to hold its ground with a weekly close near $108,700, according to data from TradingView.
Market analyst Rekt Capital commented that maintaining this level of support could pave the way for a gradual move higher.
“If Bitcoin continues to hold here, we could see an eventual push toward $120,000 or beyond,” he wrote, emphasizing that stability around the $108,000–$110,000 range remains crucial.
At the time of writing, Bitcoin had climbed back above $110,000, but analysts caution that it still faces notable resistance slightly higher — a zone that must be cleared before the next major uptrend can begin.
Download the FREE Bitcoin Mining eBook
Kickstart your mining journey with essential insights:
https://bitmernmining.com/landing-page-ebook-download/
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always intere
