A recent analysis by Glassnode reveals that long-term Bitcoin holders continue to exert steady selling pressure, keeping prices below $126,000. The daily average selling volume from these investors has climbed significantly, increasing from around $1 billion in mid-July to $2-3 billion by early October. Unlike previous periods of strong sell-offs, this current trend is characterized by a gradual and sustained decline rather than sharp price drops. 50% of recent selling pressure has been attributed to those holding Bitcoin for 6-12 months, particularly noticeable during the peaks in price. This group’s average daily sales reached $648 million near Bitcoin’s all-time high of $126,000. They accumulated large quantities of Bitcoin between October 2024 and April 2025 at an average cost basis of around $93,000 to $96,000, with potential losses exceeding their initial investment if price drops below the crucial range of $93,000-$96,000.