Glassnode: Many long-term holders are still waiting for higher prices to release more BTC back into circulation

According to Glassnode, as the price of Bitcoin rose, all 14 million BTC held by long-term holders entered a profitable state, which inspired an acceleration in the selling activity, resulting in a non-small balance decrease of over 200,000 BTC since the all-time high break. Long-term holders began to take profits when the price was strong and demand was sufficient to absorb, and ETFs played a key role in this process, absorbing more than 90% of the selling pressure of long-term holders. However, as unrealized profits reached more extreme levels, more long-term holders are expected to accelerate the selling, which has exceeded the inflow of ETFs in the short term. However, with a large number of bitcoins still held by long-term holders, many long-term holders may be waiting for a higher price before releasing more bitcoins back into circulation.