Some longtime bitcoin holders have recently sold their bitcoins.

Bitcoin’s record rise has prompted long-term investors to dramatically increase their sales.

Long-term holders of the world’s largest cryptocurrency, Bitcoin, have seen selling pressure from long-term holders increase significantly as the price of Bitcoin nears all-time highs, according to data from blockchain analytics firm Glassnode.Bitcoin Miner

Bitcoin rally triggers massive selling by long-term holders

Longtime bitcoin holders have sold 257,000 bitcoins over the past month, with 57 percent of those sales coming from the Grayscale Bitcoin Trust (GBTC), Glassnode analysts revealed in a report released today. One-week sales, one-month sales and one-quarter sales are up 20 percent, 44 percent and 55 percent, respectively.

Long-term investors purchased Bitcoin at a cost of $20,700 compared to $45,800 for short-term investors,” the report said. Analysts explain that this group historically increases spending as new historic highs are reached, and sales accelerate until they help form the top of the cycle loop.”

According to the report, “When Bitcoin rose to all-time highs, holders saw unrealized gains of 228 percent.”

Glassnode’s research also shows that a lot of money flows to centralized exchanges (CEXs). For example, when the Spot Bitcoin ETF was approved, the average bitcoin trade on Coinbase increased to 4.3 bitcoins. Since 2019, this figure is above the normal range of 0.2 bitcoins to 1 bitcoin, indicating increased activity by institutions and large investors.ETC Miner

IntoTheBlock, another blockchain intelligence firm, revealed that all bitcoin holders were in profit territory during the recent all-time high update, with no wallets showing losses or being flat. Additionally, transactions involving $100,000 or more reached $174.2 billion on the blockchain in the last seven days, indicating high whale activity.

The sharp rise in Bitcoin price was largely caused by massive inflows into the U.S. spot Bitcoin ETF, which has been trading since January, in anticipation of the Bitcoin halving event planned for April.