In an ominous sign for the cryptocurrency market, long-term holders of Bitcoin (BTC) have resumed selling the digital asset.
In the past 30 days, investors who've held Bitcoin for at least 155 days, a cohort that’s viewed as having the most conviction, have sold 143,000 BTC, the most in at least five months.
The selling by long-term Bitcoin holders comes with the price of the largest cryptocurrency having fallen 30% since last October.
Selling among long-term Bitcoin holders is often taken as a sign of capitulation by analysts and evidence that a bottom might be near for crypto.
However, some analysts say that Bitcoin and other cryptocurrencies such as Ethereum (ETH) and XRP (XRP) could have further to fall before a bottom is reached.
Bitcoin's price continues to lag behind other financial assets such as gold and silver, which are trading at record highs. The discrepancy raises the risk of further downside, say analysts.
Another concern is that nearly the entire long-term holder supply of Bitcoin, some 15 million coins, is in profit as investors sell.
This points to increased selling as investors look to book profits while they still have some, say some analysts.
Bitcoin is currently trading at $90,275 U.S. per digital coin.
