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“One of the biggest misconceptions in Bitcoin is that HODLers never sell,” said on-chain analyst James Check on X on Dec. 3. However, they do sell, and they’re currently keeping prices from moving higher, he added.
Bitcoin has been range bound, oscillating around $95,0000 since Nov. 20, two weeks ago. It has failed to register a new all-time high but remains in price discovery as long-term holders are “pumping the sell-side brakes,” said Check.
On-chain analysis platform Glassnode concurred, reporting that daily realized profits to exchanges have cooled off significantly, representing a 42% drop from the peak in mid-November. “This sharp decline signals reduced profit-taking activity, suggesting the market has entered a consolidation phase.”
Daily realized profits to exchanges have cooled off significantly, now at $277M/day. This represents a 42% drop from the peak of $481M/day on Nov 16.Analyst ‘Rekt Capital’ reported that BTC continues to retest the series of lower highs as support, adding that as long as this continues, the asset should be able to reclaim the ~$96,400 support area, which was touched a couple of hours ago.
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