Bitcoin long-term holder distribution starts, will bears follow?

Bitcoin has been on a sideways motion after attaining it’s fresh all-time high earlier of $69,000 this week. At the time of publishing, the coin was hovering around the $64,000 zone after a sudden minor dip yesterday.

As per the on-chain metric analysis by the famous crypto analyst Will Clemente, the long-term holders have started taking profits and distributing their coins. This is happening for the first time in six months before May-June’s major dip. The analyst shared the long-term holder distribution chart on Twitter and explained:

Long-term holders buy BTC into weakness and sell into strength. We’ve just gotten our first red prints on LTH net position change in over 6 months, showing bull market distribution has begun.

Source: Glassnode: Bitcoin long-term holder net position change 

Additionally, the BTC funding rate for long futures positions has also calmed down recently, which also indicates a slowdown in the current bullish momentum. 

Colin Wu, the popular journalist, is also in the same row and pointed out that short-term holders booked profits on Friday, which dipped the coin’s price to $62,300.

Bitcoin ETF rejection also contributes to the dip

As per TheCoinRise’s rapid report, last night, the United States Securities and Exchange Commission (SEC) has refused to approve the spot BTC ETF run by VanEck. The Cboe BZX Exchange registered the ETF’s application in March and was seeking to track the spot movement of the Bitcoin price.

SEC asserted that the major reason behind the rejection is possible to market manipulation. It also added that VanEck had not done any extraordinary work to bring confidence that it could prevent manipulation and fraudulent trading.

The king coin is still up by more than 4% since the November start and many experts, including crypto trader and author of the stock-to-flow model, PlanB, are still confident that the BItcoin price would touch $98,000 as November ends.