Bitcoin Long-Term Holders Spend $4.02 Billion Amid $110K Price Surge

Bitcoin's long-term holders have recently shown a significant increase in spending, reaching a three-month high of $4.02 billion. This surge coincides with Bitcoin's price reaching a new milestone of $110K, marking the beginning of a new price discovery phase. The heightened activity among long-term holders is particularly notable, as older wallets that have held Bitcoin for extended periods are becoming more active.

According to Glassnode, the spending among long-term holders has surged to a three-month peak, with the total outflow from the 1-5 year cohort hitting $4.02 billion. This marks the largest outflow since February, with those holding Bitcoin for 3-5 years accounting for approximately $2.16 billion of this spending. The HODLer Net Position Change metric has decreased significantly, dropping to -30.8K BTC, indicating that long-term holders are starting to liquidate some of their assets in response to the market’s recent price jump.

When compared to historical cycles, the current spending levels, while notable, remain modest. In February 2025, for instance, Bitcoin holders in the 2-3 year category sold an impressive $5.42 billion worth of BTC. This suggests that while older wallets are indeed selling, they are doing so with considerably more restraint compared to previous cycles. The net position change remains positive—approximately 745K BTC—indicating that overall, long-term holders are maintaining a net accumulation strategy rather than selling off in mass.

Despite the recent spending, the overall market sentiment remains bullish. Analysts speculate that should the current conditions stay the same, Bitcoin’s price may aim for $120K before witnessing more aggressive profit-taking from long-term holders. The current selling pressures seem manageable and do not suggest a severe downturn. As long as the rate of selling remains relatively controlled, Bitcoin’s path appears to remain bullish.

In conclusion, the recent surge in spending by Bitcoin long-term holders signifies a complex market behavior but does not imply a clear exit. With significant price movements and cautious selling, the outlook for Bitcoin indicates strong potential for upward momentum. Stakeholders should remain vigilant as the market adjusts, but the fundamentals for a bullish trajectory appear solid.