Bitcoin’s Wild Ride

November has come crashing in, and Bitcoin isn’t exactly rolling out the red carpet! The cryptocurrency kicked off the month by falling below $100,000—yup, for the second time this week. Talk about a rollercoaster ride!

Long-Term Holders in the Hot Seat

Now, let’s chat about the big players in the Bitcoin game—the long-term holders (LTHs). Recently, they’ve been acting like that friend who always says they’ll “just have one drink” and ends up ordering a round for the whole bar. According to expert Julio Moreno from CryptoQuant, these holders have been offloading their stash lately, but is that a cause for concern? Not really!

The Normal Selling Spree

Moreno points out that it’s pretty standard for LTHs to cash in a bit during bull markets—in other words, they like to grab some goodies while the gettin’s good. But here’s the kicker: this time, there’s a noticeable lack of demand to scoop up those sweet deals. It’s like throwing a party and no one shows up!

Visual Evidence of the Crypto Drama

To throw some stats into the mix, Moreno shared a chart that screams, “Hey, look at me!” It shows long-term holder spending versus demand growth over the last few years. Long-term holders selling? Check! Rising prices? That’s a wild card this time around, my friends!

Historical Context

In the past, Bitcoin has danced to new all-time highs during times when LTHs were letting go of their assets, but guess what? Demand was strutting its stuff right alongside those price hikes. However, since October, LTHs have been selling and demand is like that shy kid in the corner—just not there!

What Does This All Mean?

So, what’s the takeaway? Moreno suggests we shouldn’t sweat the LTH selling drama too much. For Bitcoin’s price to turn around and moonwalk back up, we need that demand growth to strut its stuff too!

Current Bitcoin Status

As of now, Bitcoin has managed to pull off a sneak attack and is hovering back above $100,000, sitting pretty at around $103,700. That’s almost a 3% bounce back in the last day. Not too shabby, right?