Bitcoin has seen a significant shift as long-term holders begin to sell off their assets. Over the past 30 days, more than 241,000 BTC, amounting to approximately $26 billion, has been offloaded by investors who had maintained their positions for at least six months. This trend comes in the wake of Bitcoin reaching new heights, surpassing $124,500 in August.
CryptoQuant analyst Maartunn highlighted the drawdown as one of the most considerable since early 2025. This sustained selling trend is influencing market sentiment and could potentially drive Bitcoin’s price down further, with analysts pointing to a possible target of $95,000 or lower. Additionally, significant contributions to this selling pressure are coming from so-called “whales,” or large-volume holders, who have also sold over 115,000 BTC during the same timeframe.
In related developments, Bitcoin treasury companies, which collectively hold a record total of 1 million BTC, have experienced a marked decrease in purchasing activity. Data shows a sharp decline in monthly buys, plunging from over 134,000 BTC in November 2024 to a mere 3,700 BTC in August 2025. Other treasury firms added 14,800 BTC in August, but this still falls below their average monthly purchases of 26,000 BTC for Strategy companies and 24,000 BTC for other entities throughout 2025.
Capriole Investments founder Charles Edwards noted the diminishing rate of institutional purchases, suggesting a possible exhaustion among institutional investors. This reduced demand from treasury companies is compounding the bearish outlook for Bitcoin prices.
As Bitcoin continues to navigate these challenges, the price saw a significant drop of 14% from its August peak. It reached a recent low of $107,500 before rebounding to around $111,500. The recent price action has formed a bear flag pattern on the daily chart. The lower boundary of this bear flag stands at $112,000, which corresponds to the 100-day simple moving average. If the price fails to maintain this level as support, the potential for a further decline to $95,500 emerges, marking a 14.5% fall from current rates.
Despite these technical bearish signals, the overall macro sentiment appears more stable compared to previous downturns. Analysts suggest that a 30% drawdown from the all-time high would position Bitcoin around $87,000—an area that aligns with levels held by intermediate-term investors.
Investors are advised to approach the current market with caution, as fluctuations in Bitcoin’s price and trends among long-term holders signal a dynamic and potentially volatile situation.
