Bitcoin
Long-Term Bitcoin Holders Cease Selling After Discharging 260,000 BTC in August
On-chain data indicates that a major distribution wave by long-term Bitcoin holders has concluded near $80,000, shifting market attention to short-term holder profitability around $76,500.
According to Glassnode data, long-term Bitcoin holder net positions dropped by approximately 260,000 BTC during mid-August, marking the heaviest distribution by this group since January 2025. This selling volume near the $80,000 mark exceeded the 170,000 BTC sold by long-term holders during the late 2025 all-time high of $122,000, before tapering off significantly heading into September.
CryptoQuant figures indicate that newer market participants absorbed these coins, temporarily flipping short-term holder supply into aggregate profit of roughly $260 billion in August. However, as Bitcoin drifted back toward $76,300, short-term holder profit contracted to $168.2 billion while aggregate losses widened to $102.6 billion.
Technical levels show Bitcoin recently stalled at $82,613, corresponding to the 0.618 Fibonacci retracement of the decline from $97,950 to $57,802, and fell below the 0.5 retracement level at $77,876. Support is currently situated at $76,500, with an underlying support range between $73,000 and $75,000, while trading volume has diminished and the Relative Strength Index has cooled from 78 to 53.
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