DIGIVESTASI - Long-Term Bitcoin Holders Sell Over 728,000 BTC Worth Nearly $67 Billion in a Month, In the past month, long-term Bitcoin holders have reportedly sold over 728,000 BTC, with a value equivalent to nearly $67 billion at current prices. Data from CryptoQuant highlights this as one of the largest sell-offs in 2024.

According to The Block, CryptoQuant attributes this sell-off to a continuation of a downward trend that began in April. This contrasts sharply with October’s activity, where institutional investors purchased approximately 250,000 BTC, signaling a significant market shift during the current sell-off.

Bitcoin Hits All-Time High

This massive sell-off comes amidst a major crypto market rally, which propelled Bitcoin to an all-time high, nearing $100,000. The sharp increase was driven by Donald Trump's election as U.S. president, whose campaign supported blockchain technology, fueling investor optimism.

However, despite the price surge, the profit-taking by long-term holders indicates a cautious approach amidst market euphoria. Meanwhile, Bitcoin’s dominance in the cryptocurrency market dropped to 51%, down from over 60%, signaling growing interest in altcoins.

Price Correction to Around $90,000

As reported by Forbes, the crypto market faced a sharp downturn on Wednesday (November 27, 2024), with Bitcoin trading between $90,000 and $91,000 after nearly reaching $100,000. This correction wiped out approximately $200 billion from the total crypto market cap, which previously stood at $3.2 trillion.

According to Michael Novogratz, CEO of Galaxy Digital, the sharp correction was caused by excessive leverage in the market.

“Bitcoin could drop to $80,000 before beginning another upward trajectory. However, I am confident that, in the long term, the price will surpass $100,000,” Novogratz stated.