Bitcoin (BTC) has experienced strong volatility in recent days, with a price rise that has been cut short by the behavior of old BTC holders.
According to analyst Chris Beamish, long-term holders (LTH) they continue selling part of their funds, while exchange-traded funds (ETFs) and bitcoin treasuries have absorbed much of that supply.
By “bitcoin treasuries,” Beamish is referring to companies like Strategy, which primarily focus on BTC accumulation as a business model.
As can be seen in the following image, these companies already accumulate more than 1 million BTC:
The specialist warns that the growth potential of bitcoin remains limited until these sales by investors slow or stop.
The following graph provided by Glassnode shows the exit movements that bitcoin LTHs have had:
This behavior occurs in a context of volatility in the price of bitcoin, which in the last hours has moved between 107,000 and 113,900 dollarsas seen in the following TradingView graph:
At the time of writing this report, BTC is trading around USD 108,300, according to the CriptoNoticias Price Calculator.
This process reflects a change of hands between old holders and institutional investors. According to Beamish, this capital rotation is characteristic of bitcoin market cycles, in which former holders take advantage of price increases to take profits, while institutions accumulate in the medium and long term.