Long-term Bitcoin holders see selling pressure ease as mayor turns bullish - Glassnode

Long-term Bitcoin holders are still holding onto profits despite the Bitcoin price hitting a four-month low, indicating strong belief that the bull market will resume.
On the 18th (local time), research firm Glassnode released a market report stating that “Long-Term Holders”
"Activity from LTH (Long-Term Capital Holders) is still largely sluggish and their selling pressure has significantly decreased."
Bitcoin recovery comes as selling pressure fades among long-term holders
The LTH refers to wallets that have held Bitcoin for at least 155 days. Glassnode says it is a metric that measures the spending rate of long-term Bitcoin holders.
The Binary Spending Indicator (BSI), which is a measure of long-term investors' ability to continue spending a large proportion of their assets, shows that long-term investors are in a declining trend.
"This suggests that there is a growing desire among this group to hold onto their bitcoin rather than spend it," he said.
Typically, during a Bitcoin bull market, long-term holders tend to exert strong selling pressure and realize profits, which is interpreted as a sign that the market is about to fall outright.
Despite the declines in recent weeks, this group of investors still holds large amounts of Bitcoin, indicating they expect the price to rise further in the later stages.
"However, this interesting observation suggests that more unique market dynamics may emerge in the future," he explained.