After Bitcoin surpassed the key $120,000 level, long-term holders started taking profits cautiously, as shown by CryptoQuant data. Although the selling pressure remains limited, it contrasts with broader market trends, indicating a possible transition away from the bullish phase.
As Bitcoin approaches its peak, market observers are closely watching the behavior of long-term investors. Recent analysis shows Bitcoin peak signals as long-term holders begin exiting positions, marking a potential shift in market dynamics that could influence price movements in coming weeks.
Galaxy Digital's reported sale of 80,000 BTC raised concerns, with analysts noting that large-scale exits by institutional players could trigger downward momentum. A notable technical change emerged as Coinbase's 94-day institutional buying spree came to an end, potentially reflecting cooling interest at all-time highs.
Additionally, Coinbase's negative premium gap points to softer U.S. demand, with Bitcoin's price lagging behind other global exchanges—a sign of weakening momentum.