Bitcoin Holders Stop Selling After 260,000 BTC Wave
Glassnode sees long-term holders nearly stop selling in August after a wave of about 260,000 BTC. The price is now testing support around $76,500, while new buyers are under pressure.
Key Takeaways
- Bitcoin is trading around $76,300 after a 3% drop, while long-term holders nearly stopped selling in August.
- The selling wave of about 260,000 BTC was the biggest since January 2025 and came alongside key support around $76,500.
- New buyers are under pressure; if BTC falls below $76,500, the $73,000 to $75,000 zone comes into view.
Bitcoin is trading around $76,300 (€66,100) after a 3% drop on the day, while long-term holders have nearly stopped selling in August. That shift matters because the recent selling wave of about 260,000 BTC has clearly changed the market structure and now lines up with key support around $76,500 (€66,300).
Selling Wave Ran Out of Steam
Glassnode data shows that the net position of long-term holders turned sharply negative in mid-August. The wave climbed to about 260,000 BTC, the deepest point since January 2025. For comparison, during the previous all-time high in late 2025, these holders sold about 170,000 BTC according to the same data. That means more Bitcoin was sold in August around $80,000 (€69,300) than when BTC was at $122,000 (€105,700).
What stands out is that the same group was buying Bitcoin between March and June. In August, that picture flipped, but heading into September that selling pressure has almost completely disappeared. That makes the recent price weakness even more important, because a large share of the coins is now in the hands of newer buyers.
New Buyers Under Pressure
CryptoQuant data shows who absorbed those coins. The supply of short-term holders in loss was dominant for nine months and peaked above $600 billion (€520 billion). In August, that flipped: supply in profit rose to about $260 billion (€225 billion), while losses almost disappeared. Now that profit figure is back down to $168.2 billion (€146 billion) and losses have climbed to $102.6 billion (€88.9 billion) as BTC has moved lower.
The chart also shows why that shift remains fragile. Bitcoin first broke through the downtrend line from the January peak, but stalled in early September around $82,613 (€71,600). After that, the price fell below the 0.5 Fibonacci retracement at $77,876 (€67,500). Trading volume has eased since late August without a heavy sell-off day, while the RSI cooled from about 78 to 53.
Why $76,500 (€66,300) Matters
For European crypto readers, this is especially relevant because Bitcoin still sets the tone for the broader crypto market. If the price stays above $76,500 (€66,300) and later moves back above $81,000 (€70,200), the current profit shift among new buyers stays intact. If BTC drops below that, the $73,000 (€63,300) to $75,000 (€65,000) zone comes into view, where many August buyers would be back underwater.
An additional long-term signal is that 63.12% of all Bitcoin was sitting in addresses that had not moved for more than a year on September 13. That is the highest share since January 2012. At the same time, that historical context still depends on whether Bitcoin's four-year cycle holds up, something more and more market models are questioning.
