Are the selling pressures on Bitcoin really easing? On-chain data provides an interesting signal

According to the latest on-chain monitoring from Glassnode, long-term participants holding over 155 days are still selling, but the scale has clearly started to converge. The net outflow continues to narrow, which indicates—what does this mean—the market is gradually digesting the selling pressure accumulated previously.

Even more interesting is that the realized profit indicator for long-term funds is also decreasing. Simply put—fewer people are taking profits at high levels, which usually means the chips are stabilizing. Historically, this state often appears at two points: one is during the mid-cycle consolidation in a bull market, and the other is during the early stages of a bear market when bulls and bears are competing.

Currently, $BTC is hovering around $91,800, down about 3% in the past week. The selling pressure hasn't completely disappeared, but the pressure is indeed loosening. It’s a bit like the market is storing energy, preparing for the upcoming changes. 👀