Bitcoin Stalls Near $113K, Long-Term Holders Sell Off Leading to Market Volatility

Bitcoin’s price struggles to break above the $113K mark, indicating a lack of conviction in the market. Analysis from Glassnode suggests that long-term holders (LTHs) are selling off significant amounts, signaling a potential exhaustion of bullish momentum. This sell-off is attributed to a weakening demand for Bitcoin and is reflected in the on-chain data showing LTH activity exceeding 104,000 BTC monthly. The recent decline below key cost-basis levels has weakened market confidence. 104,000 BTC sold monthly by LTHs in November 2024 to October 2025 is the highest since July mid-point, suggesting waning confidence.