Bitcoin Veterans Offload 97,000 Coins but Fresh Buyers Step In

Long-term holders dumped a record 97,000 Bitcoin in a single day last week, shaking market sentiment. Yet, fresh inflows and institutional interest hint at resilience beneath the surface.

It was a Friday to remember. On August 29, data from Glassnode showed that long-term holders (LTHs) offloaded around 97,000 BTC. That’s the largest daily movement so far in 2025.

The trigger? Bitcoin slipping under $110,000. That level has acted as strong psychological support for weeks. As soon as the line broke, selling pressure accelerated.

Coins aged between one and five years were the main culprits. They accounted for nearly 70% of the total moved, according to Glassnode.

One sentence is enough here: it’s a staggering figure.

Within the Boundaries of a Cycle

Despite the noise, analysts are urging calm. Glassnode highlighted that this selling, while heavy, still sits inside the range of this cycle.

That means it doesn’t yet resemble the panic moves seen in late 2024, when Bitcoin long-term holder selling hit extremes. Back then, coins aged more than five years were liquidated aggressively. This time, the older hands are still holding tight.

Volatility is part of the script for Bitcoin. Investors who have lived through previous cycles know these sharp corrections aren’t unusual.

And some even argue it’s healthy. Shakeouts, they say, clear the deck for stronger hands to step in.

Who’s Buying on the Other Side

Markets are a tug of war. Sellers dominate headlines, but there’s always a buyer. In this case, several names are showing up.

Swedish crypto brokerage Goobit has been steadily adding to its balance sheet. So has Japanese-listed firm Satsuma. These corporate buyers aren’t chasing short-term gains; they’re stockpiling for the long run.

It’s not just companies either. ETF inflows in the US and Europe picked up again late last week. That provided some cushioning against the sell wave.

Here’s a quick look at the flow balance from August’s final trading week:

The table makes it clear: ETF buyers didn’t completely offset LTH selling, but they softened the blow.

Sentiment Remains Divided

Bitcoin’s community is buzzing with debate. Some see the 97k sell-off as a red flag. They argue it signals waning confidence from early adopters.

Others view it as routine. LTHs eventually take profit, especially when price levels flirt with historic highs. After all, these coins were accumulated when Bitcoin was worth a fraction of its current value.

Markets thrive on disagreement. If everyone agreed, there’d be no trades.

Still, it’s hard to ignore the size of last Friday’s outflow. Even seasoned bulls admitted it rattled their nerves.

What It Means Going Forward

So where does Bitcoin stand now? On-chain data suggests market structure is intact. Exchange reserves remain relatively low, indicating that most supply is still held off exchanges.

Funding rates haven’t spiked either. That suggests derivatives traders aren’t overleveraged, a common trigger for bigger crashes in the past.

Important to note: Glassnode stressed that current LTH activity hasn’t reached stress levels. The firm described this event as significant but “within the norm” for a maturing cycle.

For traders, the key levels to watch are $110,000 on the upside and $105,000 on the downside. Breaching either may set the tone for September.

Bullet-point clarity helps here:

• $110,000: Immediate resistance after being broken last week

• $105,000: First meaningful support level below current price

• $100,000: Psychological threshold that could invite panic selling if tested

Whether Bitcoin bounces or breaks depends on who shows up next week — buyers with conviction, or sellers with bigger bags.

A Market Built on Contradictions

Bitcoin has always been a paradox. It’s both digital gold and a speculative plaything. It inspires devotion and scepticism in equal measure.

Friday’s sell-off didn’t change that. In fact, it reinforced the story. Veterans cashed out, but new money rushed in.

That tension — between holders taking profits and buyers looking to the future — is what keeps the market alive.

And for now, at least, Bitcoin is still standing tall above $109,000.