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Glassnode: "Diamond Hands" BTC holdings reduction causing price surge to face greater resistance, current buy-the-dip funds unable to generate sufficient demand to absorb selling pressure."
BlockBeats News, October 25th, Glassnode posted on social media that the illiquid Bitcoin supply has started to decrease, with about 62,000 BTC moving out of long-term dormant wallets since mid-October. As the illiquid supply decreases, more tokens will enter the circulation market, and if there is a lack of strong additional demand, the price uptrend will face greater resistance.
In this cycle, illiquid supply was originally an important driving force, but a recent reversal has broken this trend. Historically, similar supply return phenomena have often weakened market momentum—an even larger-scale outflow of 400,000 BTC occurred in January 2024. Although the current change is relatively moderate, the trend is worth monitoring.
Interestingly, whale wallets have continued to accumulate during this period. Whale holdings have steadily increased in the last 30 days, with no significant sell-offs since October 15th. The most massive outflows have mainly come from wallets holding 0.1-10 BTC (equivalent to $10,000 to $1 million in assets). This group has maintained a net selling trend since November 2024. Momentum traders have essentially exited, and bottom-fishing funds have not been able to generate enough demand to absorb selling pressure. With initial buyers staying on the sidelines, this supply-demand imbalance will continue to suppress prices until stronger spot demand emerges.
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