Large Bitcoin
However, data from Glassnode suggests this is normal behavior during the later part of a market uptrend.
On November 13, a wallet linked to trader Owen Gunden sent 2,400 Bitcoin, worth about $237 million, to Kraken
$263.37M
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This trend has sparked discussion about long-time investors “dumping” their holdings or preparing for a major sell-off. However, Glassnode analysts said the situation is not as simple as it looks.
Their data shows that while long-term holders are moving more Bitcoin, the activity points to a gradual and steady pattern, not panic selling.
According to Glassnode, the daily average of Bitcoin spent by long-term holders has increased from just over 12,000 BTC in July to around 26,000 BTC by November 13.
The firm describes this as common behavior toward the end of a strong market cycle. Glassnode said:
This steady rise reflects increasing distribution pressure from older investor groups, a pattern typical of late-cycle profit-taking, not a sudden exodus of whales.
The analysts also noted that this has occurred in every previous cycle. Long-term investors often sell part of their holdings once prices rise enough to secure profits, before new buyers take over.
Recently, Bitfinex reported that Bitcoin may not experience its usual November rise this year. Why? Read the full story.
