Bitcoin Retracts to $93,000 After Surging to $99,000, Long-Term Holders Take Profit

Bitcoin, the primary crypto asset has retracted to $93,000 after surging as high as $99,000 a few days ago.

Bitcoin price dropped by 5% on Monday, halting a seven-day rally as the crypto asset retracted from $99,000 after hitting a record high earlier this week.

The drop marks the longest losing streak for the crypto asset since the Donald Trump rally began.

At the time of writing, Bitcoin is trading at $93,346 after dropping by 5.0% in the last 24 hours. The crypto asset hit a record high of $99,000 on Friday, November 25.

The price action of Bitcoin as the primary crypto asset always has a ripple effect on other Altcoins. The total crypto market retraced by 3.8% in the last 24 hours.

Bitcoin’s new price after the drop will have market watchers waiting for longer for Bitcoin to cross the proverbial $100,000 mark.

Despite the current drop in Bitcoin price, data shows that long-term Bitcoin holders are still cashing out in the market.

Long-term Bitcoin holders take profit

During the recent bull run caused by Donald Trump’s election win, Bitcoin surpassed its all-time high several times leading to long-term holders of the crypto asset taking profit. The on-chain activity of these long-term holders increased the selling pressure driving it to its highest since April 2024. The selling activity led to an average of 25.6k BTC per day with investors selling at a loss.

The selling activity was captured by on-chain data firm Glassnode which shared its findings with its X community.

“Things are getting heated! #Bitcoin long-term holders (LTHs) have come out in force, with selling pressure hitting -366K #BTC/month — the highest since April 2024. But who is actually selling?

The 12 spot Bitcoin ETFs have been absorbing the selling pressure created by long-term holders selling their BTC assets for profits. The Bitcoin ETF has witnessed an inflow of over $7 billion since the US elections bringing the Bitcoin ETFs to a $105 billion valuation.

“I see a lot of CT baffled/frustrated as to how Saylor can buy $5b of btc but the price doesn’t move up which is the same thing I hear sometimes about ETFs after big flows. Here’s data showing what I’ve long been saying: the call is coming from inside the house, it’s long-term holders.”