Which Sellers Are Dumping Bitcoin Above $100K and Stalling the Price Surge?

Bitcoin Treads Water Above $100K as Traders Balance ETF Inflows and Selling Pressure

Bitcoin’s powerful rally has hit a prolonged pause, leaving the world’s largest cryptocurrency locked in a trading range between $100,000 and $110,000 for a record-setting 42 days.

Despite strong capital flowing into spot ETFs, growing stablecoin market caps, and favorable regulatory shifts in the U.S., BTC has struggled to break out decisively in either direction. The lingering question: Who’s selling enough bitcoin to keep prices from surging higher—even amid robust ETF demand?

Two Camps Driving Market Equilibrium

Alexander Blume, CEO of SEC-registered investment adviser Two Prime, says the market is currently balanced between speculators cashing in gains and long-term holders eager to accumulate.

“Given the geopolitical climate, it’s logical that leveraged traders are trimming positions while long-term players buy dips,” Blume explained to CoinDesk. “At this moment, the market is in equilibrium between those two forces.”

Glassnode data reveals that short-term holders (those who acquired BTC less than a year ago) have been particularly active in profit-taking. On Monday, these investors accounted for 83% of all realized profits, with wallets holding bitcoin for six to twelve months alone generating $904 million in selling pressure—the second-largest figure so far this year.

Long-term holders have also been securing profits, especially in May and early June. Glassnode notes that wallets holding BTC for over a year realized $1.2 billion in profits at last week’s price highs, although that figure has since fallen to $324 million.

“Experienced BTC holders are selling into the ongoing ETF demand, absorbing much of the inflow and preventing a breakout,” said Markus Thielen, founder of 10x Research. “This has kept volatility low, but the market is gearing up for a significant move.”

Miners Add to the Selling Flow

Data from IntoTheBlock shows that bitcoin miners have been reducing their holdings as well.

Since the end of May, miner wallet balances have fallen from 1.94 million BTC to approximately 1.91 million, a decline of around 30,000 BTC in just 20 days.

“Miners have consistent cash flow needs, and even long-term holders sometimes liquidate positions to manage dollar obligations,” said Philippe Bekhazi, CEO of crypto firm XBTO. “The important question is whether these sales happen amid sufficient market volume. Many price swings lately are just noise that can reverse quickly.”

Despite this selling, miners’ share of total spot trading volume has shrunk to its lowest level since 2022.

Whales Pause Accumulation as Alternative Yields Tempt Investors

Both large investors (so-called whales) and retail holders had been steadily accumulating BTC during its surge off April lows near $75,000. But that buying enthusiasm has cooled as prices entered six-figure territory.

“Accumulation started slowing once bitcoin crossed the $100K mark,” said Ben Lilly, co-founder of Jlabs Digital and Deploy.finance. “Funding rates were rising quickly, and delta-neutral trades offering 15–30% annual yields became too attractive for traders to ignore.”

Delta-neutral strategies involve selling perpetual futures while buying spot BTC, allowing traders to earn the funding premium while remaining insulated from market volatility.

Jimmy Yang, co-founder of Orbit Markets, said bitcoin’s transformation into a more mature asset has tempered investor expectations.

“Investors aren’t banking on 10x or 100x returns anymore,” Yang told CoinDesk. “So some long-term holders are reallocating portions of their BTC into other asset classes like equities, gold, or private placements. It makes sense from a portfolio diversification standpoint.”

What’s Next for Bitcoin?

Yang noted that bitcoin will likely continue tracking broader equity markets and risk sentiment, particularly as summer often brings lighter trading activity.

“With both BTC and stocks hovering near all-time highs, if equities push higher, bitcoin should follow. But the summer lull might keep things quiet for now,” he said.

Blume added that a price pullback wouldn’t be surprising after bitcoin’s rapid climb from $75,000 to above $100,000.

“It’s perfectly normal for the market to cool off after such a strong rally,” Blume said. “The shallow dips we’ve seen so far are a sign of underlying strength for the next move upward.”

Thielen pinpointed $102,000 as key support and $106,000 as resistance levels traders should watch closely.

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