Glassnode: Multiyear BTC holders control 11.9% of supply, still major overhang

On-chain analytics firm Glassnode reported on X that Bitcoin holders who have held for three to five years now control 11.9% of the supply, well above the cycle low of ~3%. These holders began selling in November, paused and resumed selling in April. Despite the recent slowdown, their large share of supply suggests continued selling pressure may be on the horizon.