Long-term BTC holders take profits, adding downside pressure

Long-term Bitcoin holders are moving more coins to exchanges as BTC approaches $80,000, increasing selling pressure, on-chain analyst Darkfost said. Darkfost said that for the first time this year, the amount of BTC released into the market by long-term holders has exceeded the amount newly accumulated. In early June, long-term holder balances were increasing by as much as a monthly average of 286,000 BTC, but that has now shifted to a net monthly average decline of 21,000 BTC, signaling a clear increase in selling pressure from long-term holders. Exchange deposit data showed the same trend, with inflows from long-term holders reaching their highest level this year as BTC neared $80,000. While market demand is recovering, Darkfost said selling pressure could intensify if long-term holders continue increasing sales.