Bitcoin investors known as “long-term holders” have gradually sold Bitcoin over the past few days amid ongoing price declines. Analysts see this as a possible sign that the current cycle is nearing its end, potentially marking the close of the bear market.
Long-term holders—those who have held Bitcoin for at least 155 days, or about 5 months—showed almost no movement between February and April this year. However, in recent weeks, this group has clearly shifted toward selling.
Over the past two days, this group has sold Bitcoin worth approximately 2.4 billion USD. Ed Engel, an analyst at Compass Point, noted in a report that this figure significantly impacts the balance between Bitcoin’s supply and demand.
Additionally, according to CNBC, Engel pointed out that 26% of the Bitcoin sold in the last 30 days came from investors who bought at prices above 90,000 USD.
“Investors who bought Bitcoin at these high prices were a strong group that refused to sell throughout the bear market, but now they are starting to give in as Bitcoin approaches the new cycle’s bottom.”Engel stated.
. . .CoinMarketCap.Bitcoin’s value has dropped nearly 50% from its all-time high in October 2025. As of this morning (4 June), the price fell to around 61,000 USD per BTC, with about a 10% decline over the past week.
He added that the surrender of investors who bought at peak prices is a common phenomenon near the end of bear markets, giving Compass Point greater confidence that Bitcoin’s bear market may be approaching its final stage.
Data from SoSoValue indicates that on Tuesday, U.S. Spot Bitcoin ETFs experienced net outflows for the 12th consecutive day—the longest streak since these funds began trading. The total net asset value of Bitcoin ETFs dropped to 85 billion USD from 107.8 billion USD on 14 May.
Some of the selling pressure was triggered by market panic on Monday after the company Strategy sold 32 Bitcoins, sparking a chain reaction of forced long liquidations that intensified downward price pressure.
However, most analysts believe Strategy’s Bitcoin sale was not the primary cause of the price decline.
Alex Saunders, an analyst at Citi, stated that ETF fund flows remain the most important factor influencing Bitcoin’s price movements.
He said, “ETF fund flows are the main drivers of Bitcoin’s price rallies and can explain about 45% of weekly return volatility. They are also the best tool to track investor demand and acceptance.”
Saunders noted that ETF fund flows have remained negative recently, while the chances of the U.S. passing crypto market structure legislation—which could attract investors back—are diminishing.
Moreover, Bitcoin continues to struggle to recover near its highs due to uncertainty from the Iran conflict, which weighs on investor confidence, even as stock markets consistently hit new records.
This divergence has led investors to question Bitcoin’s value proposition: whether it still serves as “digital gold” benefiting from geopolitical uncertainty, or if it behaves like a high-risk tech stock that rallies strongly during risk-on periods.
“We expect the investment atmosphere to remain subdued, especially as Bitcoin’s returns diverge clearly from the stock market, unless there is positive regulatory news or fiscal concerns prompt investors to seek hedges against currency depreciation,” Saunders concluded.
Source:CNBC.
Follow the Facebook page: Thairath Money at this link –https://www.facebook.com/ThairathMoney