Bitcoin: Selling Surges, But Strong Demand Holds the Line

Bitcoin seems to be sulking the peaks, preferring to wander between $100,000 and $110,000. It wavers, sometimes plunges, before recovering with a disconcerting confidence. This instability is not a sign of exhaustion but rather a well-rehearsed choreography. Behind this slow dance, a redistribution of wealth is taking place between market veterans and newcomers. Resilience or exhaustion? It is time to decrypt the behind-the-scenes.

From Veterans to Novices: Bitcoin Changes Hands

Since May, millions of dollars in BTC are changing owners, but without disturbing the curves. Glassnode reports $2.46 billion in profits made in one day, a notable peak. Over seven days, the average reaches $1.52 billion, well above the $1.14 billion annual average, yet still far from the late 2024 peaks ($4–5 billion).

Who is selling? The long-term holders (LTH), notably those who have held their bitcoins for 3 to 10 years, are cashing out: $849 million for the 3–5 year bracket, $485 million for 7–10 years, and $445 million for those between 1 and 2 years.

But most striking is that the market absorbs it without flinching. As Yonsei Dent (CryptoQuant) explains :

Despite this steady LTH selling, the price hasn’t broken down. This means the market is absorbing the sell pressure—implying new demand is coming in.

Dent even sees an opportunity in this phase: “this kind of healthy rotation (from strong hands to new buyers) is essential. In that context, LTH spending isn’t a warning sign—it’s actually a constructive signal.”

July Under Tension: A Pivotal Month for BTC?

Historically, July smiles upon Bitcoin. On average, +7.56% since 2013, with 8 increases out of 12, including a spectacular +24% in 2020. Some already see positive signals. Others, like CryptoCon, mention the heavy slowness of the current cycle: “This is day 195 of sideways Bitcoin price action since December 18th of last year. All of the great price action has been made in very short bursts, totaling just 36 days.“

Interpretation? A stretched cycle, punctuated by brief but strong explosions. According to CryptoCon, if history repeats itself, the next explosive window could propel BTC between $140,000 and $150,000, before a new calm.

And indeed, these consolidation periods, however boring, often prepare spectacular leaps. This is suggested by combined data: prolonged stagnation + absorbed sales volumes = accumulated energy.

What the numbers whisper to us:

• $2.46 billion in profits in a single day, according to Glassnode;
• $1.52 billion: weekly average achieved, higher than the annual average;
• $849M: made by BTC held for 3 to 5 years;
• 7.56%: average bitcoin performance in July since 2013;
• 195 days: length of the stagnation phase since December 18, 2024.

The story of massive bitcoin sales can be analyzed from a thousand angles. Some will see exhaustion, others a strategic rotation. Everyone projects their expertise, beliefs, intuition. But one fact remains: bitcoin is becoming rarer on exchanges , a liquidity shortage might be looming, disrupting balances once again.