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Bitcoin slips near $63,000 as long-term holders sell at a loss

More than 65% of coins moving to exchanges come from long-term holders realizing losses, a pattern Glassnode links to past bear-market phases.

Reported · Written up by our desk · Bitcoin

Bitcoin was trading around $63,000, down roughly 2% on the day and about 47% below its October record, as investors retreated from risk assets, according to Decrypt citing market data.

Glassnode data highlighted that more than 65% of the coins flowing onto exchanges are held by long-term holders who are booking losses. Decrypt reported that analysts view the sell-off as tied to cooling macro risk appetite and older holders exiting, with the pressure showing up mainly in spot selling.

The move also tested the $63,000 level after Bitcoin failed to hold $65,000, with an intraday low around $62,640. Decrypt said the break came below a put options open interest cluster tied to this week’s expiry, described by Hashkey’s Tim Sun as a “put wall” that had been short-term support.

Decrypt also pointed to broader market deleveraging, including in semiconductor and AI-related assets, as trimming institutional exposure to Bitcoin. Analysts told the outlet that derivatives do not show leverage-related crowding, and that the pullback reflects broader risk aversion rather than deterioration in crypto fundamentals.

Latest closeBitcoin $64,786.20 ▲0.3%

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