Bitcoin Supply Wall: Long-Term Holders Unload Heavily at $80,000

Bitcoin (BTC) is struggling to break above $80,000, having failed to do so three times since late August. The price has hovered near $77,400, and analysts at CryptoQuant argue that long-term holders are unloading heavily in the band between $77,100 and $80,200.

CryptoQuant measured 539,000 BTC leaving wallets of long-term holders within a single 30-day window this year. These coins were sold into a narrow band, which means there are two groups on either side: holders who still own more but will sell again if the price reaches their level, and buyers who want out at breakeven.

The further Bitcoin pushes into this band, the more supply it has to absorb. Long-term holders tend to sell in size only when prices give them a reason, and those who sold between $77,100 and $80,200 still own more. A return to this level would prompt them to sell again.

CryptoQuant also notes that a record 15.8 million BTC in long-term holder supply reflects a buyer drought rather than conviction. To clear the supply wall, fresh demand would need to absorb the remaining offers, which could come from spot ETF inflows or corporate treasury buyers.