Who's Selling Bitcoin (BTC) Above $100K and Why Is the Price Stuck?

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Bitcoin has been locked in a narrow trading range between $100,000 and $110,000 for an unprecedented 42 consecutive days — a period marked by strong underlying demand, yet curiously absent of a breakout. Despite robust spot ETF inflows, growing stablecoin adoption, and favorable U.S. regulatory momentum, BTC’s price momentum appears to be hitting a wall. The big question on every investor’s mind: Who is selling Bitcoin above $100K, and what’s preventing the next leg up?

This article dives into the key market participants behind the current equilibrium, analyzes on-chain data, and explores the evolving dynamics between short-term traders, long-term holders, miners, and institutional investors.

The Battle Between Sellers and Buyers

The current stalemate in Bitcoin’s price action reflects a delicate balance between aggressive selling from certain cohorts and steady buying from others. According to Alexander Blume, CEO at Two Prime, a SEC-registered investment adviser, Bitcoin is undergoing a structural shift in its investor base.

“Amidst recent geopolitical uncertainty, speculators and leveraged traders are taking profits. At the same time, new long-term investors are stepping in to buy the dip. We’re likely at an equilibrium between these two forces,” Blume explained.

This tug-of-war is clearly visible in blockchain analytics. Data from Glassnode shows that short-term holders — wallets that have held BTC for less than a year — have significantly increased profit-taking activity. On one recent trading day, they accounted for 83% of all realized profits, with those holding for 6–12 months alone contributing $904 million in sell-side pressure — the second-highest such total this year.

Even more telling is the behavior of long-term holders (LTHs). These so-called “OG” investors, who have held their coins for over 12 months, engaged in aggressive profit realization in May and early June. Glassnode reported that LTHs realized a peak of **$1.2 billion in profits** in a single week — though that figure dropped to $324 million the following week, suggesting a cooling-off period.

Markus Thielen, founder of 10x Research, notes that long-term holders are effectively absorbing ETF-driven demand.

“Long-term OG investors continue to sell into the steady ETF-driven demand, effectively absorbing inflows and keeping price action in check. This dynamic has led to a compression in volatility, but a breakout is inevitable.”

Miners Are Offloading Bitcoin

Another source of selling pressure comes from Bitcoin miners. After holding relatively steady through early 2025, miner reserves have begun to decline. According to IntoTheBlock, miner wallet balances have dropped from 1.94 million BTC at the end of May to about 1.91 million BTC, indicating roughly 30,000 BTC sold in just 20 days.

👉 Discover how miner behavior influences market cycles and what it means for the next price move.

While miner selling is expected — they need to cover operational costs — the volume remains relatively small compared to overall spot market activity. In fact, miner-related transactions now account for the lowest share of spot volume since 2022, suggesting their impact is more psychological than structural.

Philippe Bekhazi, CEO of XBTO, emphasizes that while miner and long-term holder sales contribute to market noise, they don’t necessarily signal a bearish trend.

“Miners have to continually sell, and some long-term holders are managing USD liabilities. The key is volume — is it being absorbed on high volume? Much of this is speculative flow that can reverse quickly.”

Accumulation Has Stalled: The Rise of Alternative Strategies

One of the most significant shifts in 2025 has been the slowdown in accumulation by both whales and retail investors. During Bitcoin’s climb from $75,000 in April, on-chain data showed strong buying pressure across all address sizes. But once BTC crossed the six-figure threshold, that momentum stalled.

Ben Lilly, co-founder of Jlabs Digital and Deploy.finance, attributes this to the rise of next-best alternatives in the crypto ecosystem.

“Accumulation patterns weakened once BTC breached $100K. With funding rates rising, delta-neutral strategies offering 15–30% APY became attractive for traders looking to de-risk directional exposure.”

What Are Delta-Neutral Trades?

Delta-neutral strategies involve simultaneously shorting Bitcoin perpetual futures while buying spot BTC when futures trade at a premium (positive funding rates). This allows traders to earn yield from the funding payments without taking directional risk — essentially turning volatility into income.

As Bitcoin matures into a more stable asset class, its appeal as a hyper-growth vehicle is softening. Jimmy Yang, co-founder of Orbit Markets, observes that investors are increasingly reallocating portions of their BTC holdings.

“While directional upside remains, investors can no longer expect 10x or 100x returns in months. We’ve seen long-term holders begin to diversify into equities, gold, and private placements — a logical step for portfolio allocation.”

FAQ: Understanding Bitcoin’s Price Plateau

Why is Bitcoin stuck above $100K?

Bitcoin is experiencing balanced market forces: strong ETF inflows and new long-term buying are being offset by profit-taking from short- and long-term holders. This equilibrium keeps prices range-bound.

Are ETFs still driving demand?

Yes. Spot Bitcoin ETFs continue to see consistent inflows, signaling sustained institutional interest. However, this demand is currently being absorbed by sellers, preventing a breakout.

Is miner selling a bearish signal?

Not necessarily. Miners sell regularly to cover costs. While recent sales of ~30,000 BTC indicate pressure, their market impact is limited due to low overall trading volume contribution.

What are delta-neutral strategies?

These are non-directional trades where investors short futures and buy spot BTC to earn funding rate yields (e.g., 15–30% APY) without exposure to price swings.

Could Bitcoin break out soon?

According to analysts, a breakout depends on broader risk sentiment. If equities rally, Bitcoin is likely to follow. Key levels to watch are $102,000 (support)** and **$106,000 (resistance).

Should I sell Bitcoin above $100K?

That depends on your investment horizon. Long-term holders may choose to take partial profits, while new investors see this as a consolidation phase before the next surge.

What’s Next for Bitcoin?

In the near term, expect continued sideways movement. Jimmy Yang notes that Bitcoin is now closely correlated with equities and broader risk markets — both of which are near all-time highs.

“With the summer lull setting in, market activity is expected to remain subdued. If equities break out, BTC will likely follow.”

Blume agrees, adding that the shallow pullbacks during this consolidation phase are actually a sign of strength.

“Bitcoin rallied from $78K less than two months ago — some cooling off is natural. The fact that dips are minor suggests strong underlying support for the next leg up.”

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Thielen identifies $102,000** as critical support and **$106,000 as the breakout threshold. A decisive move beyond either level could trigger strong momentum in the respective direction.

Core Keywords

Bitcoin’s current stagnation isn’t a sign of weakness — it’s a reflection of maturation. As speculative fervor gives way to structured investment strategies and portfolio diversification, the market is recalibrating. The $100K–$110K range may feel frustrating now, but it’s laying the foundation for a more sustainable ascent.

👉 Monitor live BTC prices and on-chain trends to spot the next breakout early.