Quick Breakdown
- Long-term Bitcoin holders drive selling pressure, slowing recovery momentum.
- Revived supply from older coins hits $2.9B daily as profit-taking accelerates.
- Analysts say Bitcoin stability at $108,700 support could trigger a $120K rally.
Bitcoin’s recent price stagnation is being driven by long-term holders cashing out after years of accumulation, according to on-chain analysts. Despite maintaining key support levels above $108,000, experts say the market’s inability to push higher stems from persistent sell pressure rather than external manipulation.
The sheer volume of sell-side pressure from existing Bitcoin holders is **still** not widely appreciated, but it has been THE source of resistance.
Not manipulation, not paper Bitcoin, not suppression.
Just good old fashioned sellers.
Also, it won’t become irrelevant. https://t.co/4QnfCn2f7w pic.twitter.com/YiK7gtjkzj
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) October 19, 2025
Long-term holders drive market resistance
On-chain analyst James Check stated that the main obstacle for Bitcoin’s recovery lies in “good old-fashioned sellers.” His analysis shows that long-term holders — investors who have held Bitcoin through multiple market cycles — are offloading significant portions of their holdings, creating visible resistance.
A chart shared by Check indicated that the average age of spent coins continues to rise, suggesting that older coins are being moved and sold. Another data set showed that realized profits surged to $1.7 billion per day, while realized losses reached $430 million, marking the third-highest level this cycle.
Additionally, the revived supply — older coins re-entering circulation — hit its second-highest point at $2.9 billion per day, underscoring the scale of profit-taking among early investors.
‘OGs’ and miners lead profit-taking wave
Crypto analyst Will Clemente echoed similar sentiments, explaining that Bitcoin’s recent weakness reflects a transfer of supply from long-term holders (“OGs”) to institutional and traditional finance buyers. He described the trend as part of a broader structural transition in the market rather than a sign of collapse.
Galaxy Digital CEO Mike Novogratz also acknowledged that many veteran investors are finally taking profits after years of holding, noting that some have used gains to buy luxury assets like yachts and sports team shares. “People are trimming because they’ve had a great run,” he said.
Despite the selling activity, Bitcoin managed to close the week at $108,700, maintaining critical support levels. Analyst Rekt Capital noted that continued stability in this range could pave the way for a gradual move toward $120,000 if current support holds.
Meanwhile, enthusiasm for Bitcoin treasury companies firms stacking BTC as a reserve asset is cooling, as investors become more selective and valuation-driven.
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