Bitcoin’s much-hyped sprint to $100,000 has hit a snag, with the OG crypto tumbling below $93,000.
The culprit? Long-term holders, or “HODLers,” who cashed out massive profits before the milestone was reached and pissed this guy off.
Six figures is the community’s ultimate flex, a potential jackpot for investors and the perfect “told you so” for the skeptics.
The rally had been fueled by a Republican victory, hopes for clearer US crypto regulations, and institutional giants like MicroStrategy doubling down on Bitcoin.
Positive news on the regulatory front added to the frenzy. Trump’s administration is considering granting crypto oversight to the commodities regulator, a move that could simplify rules.
Meanwhile, a federal court sided with the crypto industry, ruling that the Treasury overstepped in sanctioning Tornado Cash, a service for anonymizing crypto transactions.
Sell, sell, sell
But even with these wins, Bitcoin is on its longest losing streak since Trump’s election. The odds of BTC hitting $100,000 this month have plunged — from over 90% to just 17% — according to Polymarket.
Blockchain data tells us what’s going on: HODLers, who have held Bitcoin for six months or more, have offloaded over 500,000 Bitcoin, setting a record for daily profits of more than $2 billion, according to Glassnode.
Bitcoin HODLers offloaded more than 507,000 Bitcoin as the asset nears $100,000. (Source: Glassnode)
And the sell-off didn’t just start now. Over the past 30 days, HODLers dumped almost 800,000 Bitcoin, CryptoQuant reports.
Buy the dip?
While the sell-off has caused turmoil, some see it as an opportunity. The Bitcoin Fear and Greed Index is flashing “greed,” i.e. investors are all in and buying.
CryptoQuant’s data on futures contracts also points to a potential buying zone, suggesting aggressive selling has set the stage for the next wave of interest.
For now, Bitcoin’s six-figure ambitions remain just out of reach, but not out of sight.
