Bitcoin’s rally is stalled as veteran holders selling hit $1.7 billion daily in realized profits. The next move toward $120,000 depends on when these OG investors stop cashing out.”
Key Insights
- Long-term Bitcoin holders are selling at record levels and are realizing up to $1.7 billion in daily profits.
- Older coins are re-entering circulation and are creating strong resistance to price growth.
- Analysts say Bitcoin must hold above $108,700 for a chance to reach $120,000.
Bitcoin should be at $120K by now, but veteran holders are selling at record levels, with older investors cashing out billions in profits over the past weeks. Bitcoin has faced strong resistance over the past weeks as older holders continue to cash out.
Analysts believe the next rally will only start once these “OG” investors finish selling. On-chain data shows that long-term holders are realizing billions in profits while revived supply from old wallets continues to add heavy selling pressure.
Bitcoin Should Be at $120K — But It Isn’t
Analyst James Check said that Bitcoin’s recent weakness has little to do with manipulation or market tricks.
Instead, it comes from simple selling by those who have held Bitcoin for years. He noted that these holders are now realizing profits at record levels and are creating resistance that keeps prices from moving higher.
The sheer volume of sell-side pressure from existing Bitcoin holders is **still** not widely appreciated, but it has been THE source of resistance.
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) October 19, 2025
Not manipulation, not paper Bitcoin, not suppression.
Just good old fashioned sellers.
Also, it won’t become irrelevant. https://t.co/4QnfCn2f7w pic.twitter.com/YiK7gtjkzj
James Check says that Bitcoin will recover once OG selling eases | source: X
According to Check’s on-chain data, the average age of spent coins has been rising. That means older coins, which are often held for many years, are re-entering circulation. This trend indicates that veteran investors are taking profits rather than new traders driving the market.
Another chart shared by Check showed that realized profits reached $1.7 billion per day while realized losses stood at $430 million. This marks one of the highest activity levels in the current market cycle.
The revived supply of old coins also jumped to $2.9 billion daily and is showing that large amounts of previously inactive Bitcoin are being sold.
Why Veteran Bitcoin Holders Are Selling
Crypto investor Will Clemente said the current market behavior shows a transfer of supply. Early adopters (often called “OGs”) are selling their holdings to institutional investors and traditional finance buyers.
He believes this phase will become less relevant over time as Bitcoin matures and ownership spreads across larger and more stable hands.
Clemente pointed out that this shift is normal after strong price runs. Long-term holders often lock in gains once prices reach new highs, especially after holding through multiple market cycles.
Their selling creates short-term weakness but can also build a foundation for future growth.
Galaxy Digital CEO Mike Novogratz shared a similar view. In a recent discussion with Raoul Pal, he said many early Bitcoin holders are finally spending their profits on personal goals. ‘
Some have bought yachts or even shares in sports teams. According to Novogratz, this is not panic selling but a natural step after years of strong returns.
Bitcoin Holds Support Above $108,700
Despite the heavy selling, Bitcoin continues to be supported near $108,700. Data from TradingView shows that it closed the week above this level, which analysts view as an important sign.
Market analyst Rekt Capital said that staying above this area could set the stage for a move toward $120,000.
#BTC
— Rekt Capital (@rektcapital) October 19, 2025
Strong reaction today as we approach the final hours heading into the new Weekly Close
As it stands right now, $BTC is holding the support very well
Continued holding here could see price rally to $120k+ over time
Stability here absolutely key#Crypto #Bitcoin https://t.co/gSF0HWpw4O pic.twitter.com/tyWtwOimYQ
At the time of writing, Bitcoin was trading around $110,000. However, resistance just above that level continues to slow progress. Analysts believe the market will need several weeks of stability before any major rally begins.
Institutional Interest Balances the Market
Even as long-term holders sell, institutional investors continue to accumulate. Clemente mentioned that much of the Bitcoin sold by older holders is now being bought by large financial institutions.
These buyers tend to hold for the long term and could help stabilize prices in the future.
This rising presence of traditional finance firms shows a more mature market structure.
Rather than relying on short-term traders, Bitcoin is slowly moving into stronger hands that value it as a long-term asset.
Global Market Factors Add Pressure
Bitcoin’s weakness also comes alongside ongoing global tension. Renewed trade worries between the United States and China have pushed investors toward safer assets.
For example, gold surged to new highs above $4,230 per ounce and is showing how risk sentiment has changed.
At the same time, macro uncertainty has made traders more wary of cryptocurrencies. This environment often leads to short-term price drops. Especially when combined with high on-chain selling activity.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
