Bitcoin Nears $63K as Long-Term Holders Sell at Losses

Bitcoin traded around $63,020 on Friday, slipping about 1.7% on the day and roughly 50% below its October peak of $126,080. The token failed to hold the $65,000 area earlier in the week and dropped to an intraday low near $62,640.

Tim Sun, senior researcher at Hashkey, noted the fall breached a cluster of put-option open interest near $64,500 tied to this week’s options expiry, a level that had acted as short-term support.

On-chain analytics firm Glassnode reported that more than 65% of coins flowing into exchanges were being moved by long-term holders at a loss. Glassnode added that this pattern has matched prior phases when one-to-two-year holders accounted for the bulk of selling.

Analysts observed that selling pressure was concentrated in the spot market and that derivatives markets did not show signs of crowded leverage.

U.S. spot Bitcoin ETFs recorded a $425 million outflow at the start of the week, followed by inflows of $181 million on Tuesday and $108 million on Wednesday, according to Farside Investors. The funds have amassed about $51 billion since their 2024 launch.

Market participants pointed to a broader pullback in equities and a rotation out of semiconductor and AI-related stocks as factors affecting risk appetite.

Earlier in the month the U.S. consumer price index fell 0.4% month-over-month, easing near-term rate-hike expectations and briefly lifting risk assets, including Bitcoin. Glassnode cited an analyst view that bear markets have often seen selling persist until the one-to-two-year holder cohort eases its exits.