Bitcoin’s largest non-exchange holders are de-risking. The 10,000 to 100,000 BTC cohort has sold or redistributed 36,500 BTC (approx. $3.4 billion) since December 1, according to Glassnode data.
The distribution coincides with Bitcoin’s struggle to break the $94,000 resistance level following Wednesday’s Federal Reserve rate cut. BTC traded at $92,250 (-0.2%) during the early Asian session Friday.
The Data Points
- The Cohort: Entities holding 10k-100k BTC (often institutional custodians or early miners).
- The Volume: ~$3.37 billion in selling pressure over 12 days.
- The Trend: This marks a shift from accumulation to distribution for this specific class, contrasting with retail sentiment which remains elevated.
Liquidity Drought
Market depth is thinning. Stablecoin liquidity, a proxy for buying power, has dropped significantly. Data cited by FX Leaders notes a 50% decline in stablecoin inflows since August, suggesting the current price levels lack the fresh capital support needed for a breakout above $100,000. “Bitcoin is trading steadily near $92,000 as markets digest the Fed’s rate cut alongside its plan to inject liquidity by purchasing $40 billion in Treasury bills each month. While this liquidity boost will have a stronger long-term impact, near-term sentiment is also improving, supported by renewed institutional flows,” noted Akshat Siddhant, Lead Quant Analyst at Mudrex.
Bitcoin and Ethereum ETFs saw more than $610 million in inflows over the past two days, signalling growing confidence. For BTC to push toward the $100,000 mark, a daily close above $94,140 is key, with $90,000 acting as immediate support.
BTC Faces $88K Support Test
This divergence is the signal to watch. While retail chases the “Fed pivot” narrative, the smart money (10k-100k BTC tier) is using the liquidity to exit. The $3.4B outflow from this cohort, combined with the 50% drop in stablecoin reserves, indicates the current range ($88k-$94k) is being used for distribution, not accumulation. Expect volatility to increase if BTC loses the $88,000 support handle.
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