TLDR
- Bitcoin is facing strong resistance due to continued selling from long-term holders.
- Analyst James Check confirmed that the current weakness is driven by natural profit-taking.
- Realized profits have reached $1.7 billion per day while losses also continue to rise.
- Dormant wallets have reactivated with $2.9 billion in supply entering circulation daily.
- Institutional investors are gradually absorbing the supply from early Bitcoin holders.
Bitcoin remains under pressure as selling from long-term holders intensifies. Analysts report that these profit-takers are creating strong resistance. This ongoing trend could limit Bitcoin’s short-term recovery despite institutional interest.
Long-Term Sellers Add Pressure on Bitcoin
Bitcoin struggles to recover as experienced holders continue offloading their positions. Analyst James Check confirmed the weakness stems from steady profit-taking, not manipulation or derivatives markets. He emphasized, “It’s just good old-fashioned sellers,” pointing to natural selling behavior.
The sheer volume of sell-side pressure from existing Bitcoin holders is **still** not widely appreciated, but it has been THE source of resistance.
Not manipulation, not paper Bitcoin, not suppression.
Just good old fashioned sellers.
Also, it won't become irrelevant. https://t.co/4QnfCn2f7w pic.twitter.com/YiK7gtjkzj
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) October 19, 2025
On-chain data revealed that older coins are being sold at increasing rates. The average coin age spent has risen, suggesting long-term holders are cashing out. This trend reflects a structural change in the market’s supply side.
Check noted that realized profits surged to $1.7 billion daily, showing significant profit-taking activity. At the same time, realized losses climbed to $430 million, marking a high for this cycle. Dormant wallets reactivated $2.9 billion daily, indicating older coins reentered circulation.
Institutional Shift and Profit Realization
Investor Will Clemente explained that Bitcoin’s performance reflects a supply transfer from early holders to institutions. He believes this shift will become irrelevant over time as traditional finance stabilizes the market. He stated that the structural change could benefit Bitcoin in the long term.
Mike Novogratz, CEO of Galaxy Digital, shared a similar view in a recent interview. He said, “There are a lot of people… finally decided, ‘I want to buy something.’” These long-time holders are using profits to purchase luxury assets like yachts and sports teams.
Although selling continues, Bitcoin maintained weekly support at $108,700, based on TradingView data. This level has helped prevent further downside in recent sessions. Still, Bitcoin faces firm resistance just above $110,000.
Fear Grows as Bitcoin Tests Key Levels
Bitcoin’s sentiment has sharply declined, with fear dominating the crypto market. The Fear & Greed Index dropped from 64 to 22 in one week. CoinMarketCap’s index also fell, dropping from 54 to 28.
The decline followed renewed US–China trade tensions, which impacted investor confidence. Meanwhile, gold surged to $4,230 per ounce, signaling a move toward safer assets. As a result, Bitcoin’s safe-haven narrative has weakened under pressure.
On-chain reports show 265,700 BTC sold by long-term holders over the past month. This marked the largest monthly outflow since January. The increase in supply weighs on Bitcoin’s ability to break resistance.
