Who's Selling Bitcoin At $100,000+?

Unraveling Bitcoin's Profit-Taking Dynamics at $100,000+ 
As Bitcoin rallies past the $100,000 mark, questions loom over who might be cashing in. Recent on-chain data provides insights into the market behavior by examining the Dormant Circulation metric.

90-Day+ Bitcoin Holders Are Actively Selling 
According to data from Santiment, only the shorter-term holders, or those holding Bitcoin for over 90 days, are currently moving their coins. The 90-day Dormant Circulation indicator has shown significant activity, suggesting this cohort is seizing the opportunity to take profits. 

Insights from Dormant Circulation 
Dormant Circulation tracks coins on the blockchain that have been moved after being idle, indicating active trades. The recent spikes in the metric for the 90+ days and 365+ days holders during Bitcoin's latest surge illustrate market enthusiasm. 

A Closer Look at Market Segments 
Interestingly, while the 90-day holders are notably active, the 365-day segment hasn't shown similar movement, implying the activity is largely among short-term holders. This aligns with the behavior of short-term holders, who often respond more quickly to market pressures. 

Bitcoin's Future Potential 
The data suggests that some long-term holders initially rushed to sell as prices climbed, but are now opting to hold, anticipating further gains. Market dynamics continue to evolve with speculation over whether Bitcoin's price will sustain its uptrend. 

The Current BTC Landscape 
Bitcoin is currently trading at approximately $104,200, having seen a 6% increase over the past week. As the market speculates the next move, data on holder behavior becomes crucial in predicting further price shifts. 

Conclusion 
This analysis underscores the varied strategies within the Bitcoin market. Understanding who is selling and why can provide valuable foresight into future trends.