BTCprice drops 90,000 who is selling? Glassnode: $76,000 to $88,000 is a short-term key retest level

Facing the emergence of selling pressure on BTC, Glassnode's latest weekly report pointed out that long-term holders have realized a profit of 2.02 billion US dollars per day, reaching a historical high. They have dumped about 507,000 BTC since September. Analysis from URPD shows that $88,000 may become a testing area for pullback. (Background: Glassnode: Deep analysis of capital flow and spot market driven by post-election, will BTC continue to rise?) (Background: Glassnode warns: BTC may experience profit-taking correction within 10 days in the 'exuberance phase') Since Trump won the US election on November 8th, BTC has continued to push towards the $100,000 mark, with a high of over $99,500 on November 23rd, accumulating a total rise of 37.6% in nearly a month. However, since last weekend, BTC has started to show the most obvious pullback since Trump's election, shaking and falling from around $99,000, with a lowest point of $90,791 this morning, a pullback of more than 8.8% from the high point of about $99,600 on the 22nd. At the time of writing, BTC has rebounded slightly and is now trading at $93,099, with a narrowing decline of 1.78% in the past 24 hours. LTH realized a profit of up to 2 billion pounds per day In the face of the surge in selling pressure on BTC, Glassnode's latest weekly report analyzed that since the peak supply of long-term holders (LTH) in September, these investors have now reduced their holdings by 507,000 BTC (approximately $46.64 billion at the current price). Although this is lower than the 934,000 BTC selling pressure during the rebound period in March, the scale is still considerable. In addition, long-term holders allocate about 0.27% of the profit supply per day, which is a relatively high proportion, surpassed only by the allocation ratio of 177 trading days and exceeding the level in March this year. In terms of realized profit, long-term holders currently realize a profit of up to 2.02 billion US dollars per day, reaching a historical high. This indicates that the market needs strong demand to digest these excess supplies, and this process may take some time to complete. Seller risk ratio lower than historical peak In order to evaluate whether there are enough buyers to absorb the supply, Glassnode points out with the seller risk ratio that the current ratio is at a higher level (close to the blue line in the chart below), indicating significant profit-taking within the current price range. However, this ratio is still far below the previous peak, indicating that even under similar relative distribution pressure, the previous bull market saw enough demand to absorb the supply. The seller risk ratio is used to evaluate investors' selling behavior by analyzing the proportion of their realized profit or loss relative to the asset's realized cap. High ratio (blue line): Investors sell at high profits or losses, usually after significant price fluctuations, and the market needs time to rebalance. Low ratio (red line): Most transactions are close to the cost price, the market enters a balanced state, with lower fluctuations, which may indicate that the consumption of profits and losses is nearing completion. Coins held for over 1 year have not been significantly sold When evaluating the composition of spending, Glassnode points out that most of the selling pressure comes from BTC with a coin age between 6 months and 1 year, highlighting that coins held for over 1 year have not been significantly sold and higher prices are needed to attract the realization of these tokens. The following statistics from Glassnode indicate that tokens with a 6-month to 1-year age account for a dominant position in the current selling pressure, reaching 35.3%. 6-month to 1-year realized profit: $12.6 billion 1-2 year realized profit: $7.2 billion 2-3 year realized profit: $4.8 billion 3-5 year realized profit: $6.3 billion 5+ year realized profit: $4.8 billion $88,000 is the key level for testing In order to evaluate the sustainability of this rise, Glassnode compares the structure of the current unrealized profit distribution (URPD) with the peak in March 2024. The institution states that in March 2024, as the price rose for several months driven by the listing of ETFs, the supply was completed multiple times between $40,000 and $73,000. In the subsequent seven months of consolidation and oscillation, this range became one of the most influential supply zones in history, and the accumulated supply formed a key support, laying the foundation for this market rise. In the recent market rise, there was very little BTC volume between $76,000 and $88,000, which may become a testing area for market pullback. Because price discovery is a process that often requires rebound, correction, and integration to confirm a new price range and find a new balance point. Related reports: BTC price drops to $90,800, the largest decline after Trump's election! Analysts: The market leverage is too heavy, but it is still a healthy pullback. BTC antagonist Peter Schiff: Trump's support for BTC will only weaken the US economy and waste billions of taxpayers' dollars. Apple CEO Cook: Has been holding BTC for 3 years, Non-fungible Tokens are interesting, but Apple has no intention of entering cryptocurrency in the short term. [BTC price drops to $90,800, who is selling? Glassnode: $76,000 to $88,000 is a short-term key level for testing] This article was first published on BlockTempo, the most influential blockchain news media in Taiwan.