Market Consolidation Above $100,000 Amid Long-Term Holder Selling
Bitcoin (BTC) has maintained a consolidation phase above the $100,000 threshold since early May 2025. A brief dip below this level occurred on June 22 during a weekend marked by heightened geopolitical tensions. Weekend trading volumes in crypto markets are typically lower, making price movements less reliable during these periods.
Despite growing institutional adoption—including public company acquisitions and U.S.-based ETFs—investors remain puzzled by BTC’s inability to surpass its previous all-time high of $112,000.
On-Chain Data Reveals Long-Term Holder Activity
Analyst Checkmate highlights elevated selling activity from investors holding BTC for 3+ years, with some holdings dating back over a decade. This trend, visible in revived supply age metrics, suggests profit-taking rather than deliberate price suppression.
Checkmate’s observations include:
- “Price suppression selling by long-term holders… Much paper.”
- “Suppression == Boredom”, referencing sideways market movement as a natural phase in bull cycles.
The data underscores that persistent selling pressure, not manipulation, drives current price behavior.
Key Takeaways
- Bull Market Dynamics: Rising prices incentivize profit-taking.
- Institutional Influence: ETF flows and corporate acquisitions may delay new highs.
- On-Chain Signals: Long-term holder distributions indicate cyclical behavior, not suppression.
FAQ: Bitcoin Price and Holder Activity
Q1: Why hasn’t BTC surpassed $112,000 despite institutional demand?
A: Profit-taking by long-term holders offsets institutional inflows, delaying breakout momentum.
Q2: Is BTC’s consolidation a sign of market manipulation?
A: No. On-chain data shows organic selling by long-term investors, not coordinated suppression.
Q3: How reliable are weekend BTC price movements?
A: Lower liquidity weekends often lead to exaggerated or unreliable price swings.
Q4: What role do ETFs play in BTC’s price action?
A: ETFs absorb selling pressure but require sustained demand to push prices higher.
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Analyst Profile: James Van Straten
Senior Analyst at CoinDesk, specializing in Bitcoin’s macroeconomic impact. Former Research Analyst at Saidler & Co., with a focus on on-chain analytics. Advises Coinsilium on BTC treasury strategy and holds personal investments in Bitcoin and MSTR.