Significant selling activity by Bitcoin long-term holders (LTHs) has emerged, signaling potential market caution. These holders have offloaded Bitcoin equivalent to roughly 50% of the total holdings amassed by all spot Bitcoin ETFs, contributing to notable sell pressure in the market.
This LTH selling is reflected in key on-chain metrics. The Coin Days Destroyed (CDD) indicator and Reserve Risk metric both show heightened activity from this cohort. Recent spikes in CDD align with periods signaling bearish sentiment.
Adding to the current cautious outlook, the Spent Output Profit Ratio (SOPR) recently turned bearish. This shift preceded the latest price dip, suggesting the market may be entering a potential correction phase. Historically, SOPR trends have proved reliable for forecasting short-term corrections, and LTH selling often precedes broader market peaks.
Despite these cautionary signals, critical indicators suggest the current bull run may endure for at least another two months. The Alpha Savior metric, specifically designed to predict macro-level market tops, has not yet issued a signal. For a confirmed macro top indication, Bitcoin’s price would need to reach an approximate level near $69,000.