30s Summary

Bitcoin holders, particularly those who have held onto the cryptocurrency for 155 days or more, are selling off their holdings, with a significant surge in selling observed on November 20, according to blockchain analytics firm Glassnode. Crypto analyst Miles Deutscher suggests Bitcoin ETFs could help counterbalance this trend, but even high levels of ETF investment are struggling to offset the selling activity. Despite the selling behavior, many Bitcoin holders are still looking at appreciable unrealized profits.

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Bitcoin, or BTC, is tempting long-time holders to sell, but we’re hearing that big investments need to be made to keep the price of Bitcoin steady. This info comes from Glassnode, a company that analyzes what’s happening on the blockchain. They’re seeing that people who’ve been holding onto their Bitcoin for a while are now starting to sell.

Now, get this: the price of Bitcoin has almost hit $100,000, so some people who’ve had their Bitcoin stashed away are selling to make a profit. Long-term holders are those who have held onto their Bitcoin for about 155 days or more – these folks are traditionally less likely to sell. But Glassnode tells us that these folks have flipped from buying Bitcoin to selling it. In fact, on November 20, long-term holders sold 245,000 BTC more than they did a month ago. This is the most Bitcoin they’ve sold off in a month since April.

If you’re wondering how to counter this selling trend, crypto analyst Miles Deutscher thinks that the answer may lie with Bitcoin ETFs – basically, these are funds that allow you to invest in Bitcoin without actually owning the virtual currency. Deutscher believes that strong ETF investments could help counterbalance the selling pressure from long-term holders.

Interestingly, Bitcoin ETFs have been seeing record investments over the past month. In fact, on November 20 alone, investors pumped over $770 million into Bitcoin ETFs. However, Deutscher’s analysis suggests that even these high levels of investment are struggling to offset the selling activities of long-term Bitcoin holders.

Despite this, it’s still a good time for most Bitcoin holders. Glassnode says that many are looking at significant unrealized profits and they expect this to influence the dynamics of Bitcoin’s supply. As Bitcoin holders see their investments appreciate in value, they might be tempted to start selling, which could impact the price of Bitcoin.

As usual, just a heads up that any form of investment carries risks, so make sure to do your homework before putting your money into anything. So, there you have it folks – that’s your Bitcoin update for the day. Make sure to stay tuned for more!