Bitcoin Hits $110K All-Time High Amid Moderate Long-Term Holder Selling

Bitcoin has surged to a new all-time high of $110K for the third time this cycle, marking a significant milestone in its price discovery phase. This phase is historically followed by substantial sell-offs as profit takers exit the market at new highs. Current on-chain metrics indicate that older wallets are beginning to move their holdings, but the selling remains moderate compared to previous cycles.

Data from Checkonchain shows a sharp drop in the HODLer Net Position Change metric, which fell to -30.8K BTC. This suggests that long-term holders are moving their coins, with spending by long-term holders currently at a 3-month high. According to Glassnode, the aggregate BTC sales from the 1–5 year cohort spiked to $4.02 billion, marking the highest outflow since February. The 3–5 year cohort sold the most, with $2.16 billion in spent volume, followed by the 2–3 year cohort with $1.41 billion, and the 1–2 year holders with $450 million.

Despite the increased spending by long-term holders, it remains relatively low compared to previous cycles. In February 2025, Bitcoin holders for 2 to 3 years sold $5.42 billion worth of BTC, and in October 2024, those who held for 1 to 2 years offloaded $9.25 billion. This trend shows that older wallets tend to sell more as prices rise. However, the Long-Term Holder Supply Net Position Change remains positive at around 745K BTC, indicating a net accumulation trend rather than mass exit behavior.

Although older wallets are selling Bitcoin, they are not spending as much as in previous cycles. The current spending rate, while concerning, suggests that long-term holders are holding strong. The supply dynamics indicate that some long-term holders are strategically exiting the market to take profits, which is a normal market pattern as Bitcoin enters the discovery phase. Unless selling pressure accelerates sharply, Bitcoin's bullish trajectory remains intact. If current conditions persist, Bitcoin could target $120K in the short term before more aggressive profit-taking kicks in.