Bitcoin bull market selling pattern is broken: weak demand is the key

Nakamoto 2025-11-9 20:36 28804人围观 BTC

Bitcoin prices continued the volatile trend in October in early November. On Friday, November 7, the price of the leading cryptocurrency once again fell below the psychological threshold of $100,000, marking the second such occurrence in the past week. Re

Bitcoin prices continued October's choppy trend in early November. On Friday, November 7, the price of the leading cryptocurrency once again fell below the psychological threshold of $100,000, marking the second such occurrence in the past week.

Recent price movements are closely related to changes in investor behavior, especially selling activity by "Long-Term Holders" (LTHs). An expert in the field of cryptocurrency shared the latest analysis on the impact of LTH behavior on the price of Bitcoin on the social platform X.

Julio Moreno, head of research at CryptoQuant, pointed out via the X platform that long-term Bitcoin holders have indeed accelerated their selling of assets in the past few weeks. He explained that this kind of behavior is not uncommon in bull markets. Long-term investors usually choose to sell part of their positions when prices are high to lock in profits, which is a typical market phenomenon.

However, things are different this time. Moreno pointed out that the lack of sufficient buying demand in the market to absorb these selling actions is the main reason for the current pressure on Bitcoin prices.

To support this view, Moreno shared an analytical chart showing selling data from long-term holders versus changes in apparent demand growth. Apparent demand growth measures the difference between how much an asset is purchased versus how much is created (mined).

According to the chart, Bitcoin hit all-time highs during periods of selling by long-term holders from January to March 2024 and November to December 2024, but apparent demand growth during these periods has always remained positive. Since October 2025, although the selling behavior of long-term holders is in line with the rules of the bull market, apparent demand growth has continued to shrink, and the market buying pressure is insufficient to support high prices.

This on-chain data analysis suggests that the market’s focus should shift from selling behavior by long-term holders to demand-side recovery. Positive apparent demand growth will be key if Bitcoin prices are to return to an upward trend in the coming weeks.

Although Bitcoin has rebounded in the short term, the market still faces challenges from weak macroeconomic signals and divergent institutional forecasts. At the same time, other cryptocurrencies such as Ethereum are starting to show signs of capital inflows, which may indicate that capital is being reallocated among different assets.