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BTC According to a report by blockchain data analysis company Glassnode dated October 25th, since mid-October, long-term Bitcoin holders have gradually sold approximately 62,000 BTC, drawing attention from the market. This outflow indicates that some investors are taking profits, while it also reduces short-term supply shortages. As a result, market volatility increases, but institutional demand continues to support overall confidence.
Long-term holders’ profit-taking puts pressure on the market.
According to Glassnode, the amount of Bitcoin transferred since mid-October is worth about $7 billion at current prices. This represents the first time in 2025 that there has been a significant decrease in non-liquid supply.
A report dated October 22nd also noted that since July, long-term holders have been selling their assets at a rate of over 22,000 BTC per day. The increase in supply directly led to price drops—Bitcoin’s price fell from around $126,198 at the beginning of October to around $113,550 on October 26th.
Whale investors took advantage of the situation and bought more assets, leading to increased market differentiation.
Behind this selling trend lies the pressure from experienced investors who continue to take profits. At the same time, new inflows have slowed down, and the imbalance between supply and demand puts pressure on prices.
In particular, wallets holding between $10,000 and $1 million in Bitcoin have seen continuous outflows since November last year.
However, large-scale investors, known as “whales,” have instead increased their holdings during this period.
Data shows that the amount of Bitcoin held by whales has increased over the past 30 days. There have been almost no signs of selling since October 15th.
Short-term buying pressure has decreased, leaving the market without sufficient support during downturns. If demand for physical Bitcoin doesn’t recover, prices may continue to decline.
Experts believe that the market is currently in a transitional phase
. From a technical perspective, the price of Bitcoin has fallen below the average cost price of $113,100 for short-term holders, indicating weak supply and demand.
Mike Novogratz, CEO of Galaxy Digital, said, “Without regulatory changes or shifts in Federal Reserve policy, it’s unlikely that Bitcoin will reach $250,000 by the end of the year.”
He expects prices to fluctuate between $120,000 and $125,000.
On the other hand, excessive leverage in the market has been reduced, with open positions decreasing by about 30%, thereby reducing the risk of chain liquidation.
Samson Mow, CEO of Jan3, said, “This period of high volatility is difficult for investors who lack confidence.”
He emphasized that the market is currently in a transitional stage.
Analysts believe that whether Bitcoin prices can recover depends on the recovery of physical demand and the stabilization of volatility.
