Who Is Selling Bitcoin? New Data Shows a Slow Bleed, Not Panic

• Long-term Bitcoin holders are gradually selling, creating a slow, controlled decline rather than a panic-driven drop.
• Bitcoin has underperformed gold and the S&P 500 recently, frustrating investors expecting a seasonal rally.
• Despite weak price action, declining correlation with gold enhances Bitcoin’s appeal for portfolio diversification.

As Bitcoin struggles to defend the critical $100,000 support level, one question has dominated market analysis: Who, exactly, is selling?

Chris Kuiper, CFA and VP of Research at Fidelity Digital Assets, says the answer is clearer than many think, and the data backs it up.

Kuiper explained that despite visible buying from ETFs, corporations, and institutions, Bitcoin continues to face persistent selling pressure. In particular, the source of this pressure is long-term holders (LTHs), the group typically known as the market’…

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