Bitcoin long-term holders are increasingly selling off their holdings, presumably to take profits, as the price stabilizes around $98,000. This trend has been observed through declining net Bitcoin positions compared to the previous month. The accelerated sell-off by these so-called 'diamond hands' may outpace potential inflows from Bitcoin ETFs.
The sell-off could put pressure on Bitcoin’s price as ETF inflows might not be sufficient to counterbalance the reduced holdings by these committed holders. The situation presents uncertainty, with potential market impacts if this trend continues.
