Long-Term Holders Keep Selling Pressure Muted as Bitcoin Holdings Near Record

Bitcoin's long-term holders have been keeping selling pressure muted as their holdings near a record high of 16.41 million, according to Axel Adler Jr.

The number of Bitcoin held by these investors has fallen from the previous day on just two of the past 15 days, indicating limited selling activity.

At the current price of around $64,200, Bitcoin is roughly 30% above the long-term holders' average acquisition price of $49,400, placing it in a 'Low Risk' zone as defined by Adler Jr.

However, despite this positive supply-side dynamic, Adler Jr. cautioned that lower selling pressure from long-term holders does not automatically lead to a rise in Bitcoin prices and may not indicate strong demand.