Glassnode: Bitcoin Drop Below $100,000 Triggered by Long-Term Holders

The crypto market faced heavy selling pressure as BTC dropped to $97,034, showing a 6.14% daily decline at the time of publication. The local low reached $96,369. During the fall, the Fear and Greed Index slid to 16, signaling extreme fear.

Bitcoin’s market capitalization fell to $1.93 T, while 24-hour trading volume surged by 48.68%, reaching $113.26 B.

Analysts Urge Calm

The price drop sparked debate in the community about a possible whale dump or a silent Bitcoin IPO, but on-chain analysts at Glassnode gave a more structured explanation.

According to experts, long-term holders have been realizing profits throughout the cycle, following a pattern observed in every previous bull run. The scale of profit-taking by experienced investors after surpassing the all-time high (ATH) in late August 2025 is not unusual but fully consistent with previous market peaks.

Profits Taken by Veteran Holders

The monthly average spending by long-term holders has grown sharply – from around 12,500 BTC per day in early July to 26,500 BTC per day. This steady rise reflects increasing selling pressure from early investors securing gains during the late phase of the cycle. Glassnode emphasized that this is not a sudden whale dump.

Wallet analysis of holders inactive for more than seven years but spending over 1,000 BTC shows a similar trend. Large sales by this group are a recurring feature of past bull cycles. They took place during every major market rally.

Currently, the frequency of transactions by whales holding Bitcoin for over seven years with balances above 1,000 BTC appears more regular and evenly distributed. This indicates gradual profit realization rather than a sudden coordinated sell-off.

Amid the market decline, Binance founder Changpeng Zhao (CZ) posted a short message on X, urging the crypto community to stay calm.

“Every dip, some people think it's the end of time. Time continues,” he wrote.

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