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CNBC
Bitcoin's high conviction holders are turning into sellers as the crypto's price hits new lows
Bitcoin’s strongest conviction holders have begun selling, adding to the ongoing slump as the digital asset edges toward new cycle lows. Compass Point notes that long-term holders—defined as coins held for at least 155 days—sold about $2.4 billion in BTC over the past two days, signaling potential capitulation in late-stage bear markets. Notably, 26% of BTC sold in the last 30 days came from investors who purchased above $90,000, suggesting even the most confident buyers are retreating. ETF flows remain a dominant driver of price movements, contributing roughly 45% of weekly return variation, according to Citi. While some selling is attributed to Strategy’s recent light disposition, analysts say it is not a primary price driver. The price divergence with equities and persistent regulatory and macro uncertainty complicate the near-term outlook, with investors watching for any catalysts that could reverse the downtrend or extend the bear market.
MonitorConfidence: HighShort term horizon
Published 3 Jun 2026, 18:59 UTC2 min read
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Summary
TL;DR
- Long-term holders sold about $2.4 billion of BTC in the last two days
- 26% of BTC sold in the last 30 days by investors who bought above $90,000
- ETF flows account for about 45% of weekly BTC return variation
- Strategy's sale considered modest and not a major price driver
- BTC trades near cycle lows, diverging from all-time equity highs
Interesting facts
- Capitulation by top buyers is a recurring theme in late-cycle bear markets
- ETF-driven flows can dominate BTC price movements even when macro signals diverge
- Bitcoin has not regained its October peak of over $126,000