Are long-time Bitcoin holders cashing out? That’s a question making the rounds in the cryptocurrency market, as reports indicate that over $100 billion worth of Bitcoin held by long-term holders, or LTHs, has changed hands since 2024, with around $40 billion of this figure occurring during 2025.
This increased volume in supposed long-term “HODLer” selling coincides with Bitcoin’s recent pullback from over $125,000, to under $100,000. Not only that, this comes just as many prominent crypto and institutional investors gather at Binance Blockchain Week 2025 to discuss the future of the industry. The most prominent of these discussion is the debate between Binance Co-Founder CZ and Peter Schiff, focusing on a fundamental question for both traditional finance and the digital asset world. The discussion will explore how Bitcoin and tokenized gold each measure up as forms of money. Their discussion will explore how both assets perform as a medium of exchange, a unit of account, and a store of value, themes that continue to surface across global markets as digital and traditional systems increasingly overlap.
“Binance Blockchain Week is designed to bring together the most influential voices in blockchain and finance. This debate between CZ and Peter Schiff perfectly embodies the spirit of critical analysis and innovation that our community demands,” said Richard Teng, CEO of Binance. “We look forward to hosting this dialogue, which will provide valuable insights for investors, innovators, and the broader industry.”
Are Long-Time ‘HODLers’ Taking Profit? Not So Fast
In a X.com social media post from Alex Thorn, head of research at crypto financial services firm Galaxy, provided the aforementioned LTH trading figures. The cumulative total, $104 billion, represents nearly half of all the Bitcoin that has been in existence for at least five years.
Yet while at first glance, these figures may make it sound like those who “got in early” on crypto have been selling into strength, suggesting a market top, the reality behind these numbers may be more complicated.
At least, that’s the view of another crypto market analyst, Checkmate. In response to social media chatter about “crypto OGs” supposedly cashing out during the 2024-2025 Bitcoin bull market, he noted that most of this crypto, while in existence for over 5 years, has actually been in the hands of those trading crypto, not those making it a long-term investment.
That said, while it may not be “HODLers” driving the current market sell-off, net outflows from spot Bitcoin exchange-traded funds (ETFs) may be playing a role.
Recent Price Trends Could Prove Short-Lived
Volatility in the crypto market may have resulted in October failing to be yet another “Uptober” for Bitcoin prices, but don’t assume this necessarily marks the beginning of the end of Bitcoin’s bull run.
Bitcoin’s weakness as of late is primarily due to macroeconomic factors that have impacted the price of “risk on” assets across the board. Investors, more fearsome and uncertain due to spiking trade tensions between the U.S. and China, the U.S. Federal Government shutdown, and rolled-back expectations about Federal Reserve interest rate cuts, have cooled down on their enthusiasm for Bitcoin and other cryptocurrencies.
However, while impacting the market today, that may not be the case for long. Recent trade tension fears have simmered down, following recent trade talks between the world’s two largest economies. The government shutdown may be ongoing, yet prediction market odds are still calling for it to end before the end of this month.
Hence, while in near-term crypto prices could remain under pressure, once current headwinds resolve, long-term tailwinds for the space could once again strongly contribute to price performance.
The Bottom Line
The movement of more than $100 billion in long-held Bitcoin has understandably sparked speculation about whether veteran holders are finally exiting the market. But as deeper analysis suggests, much of this activity reflects liquidity reshuffling among active traders, not a mass capitulation of early believers. Meanwhile, broader market weakness appears rooted in macro uncertainty rather than a fundamental shift in Bitcoin’s long-term trajectory.
As geopolitical tensions ease, policy gridlock shows signs of resolution, and institutional participation accelerates, highlighted by industry leaders gathering at Binance Blockchain Week, the structural forces supporting Bitcoin remain firmly in place. Short-term volatility may continue, but the foundations of the current crypto cycle look far stronger than the noise suggests.
In a market increasingly shaped by long-term adoption rather than short-lived speculation, the question isn’t whether Bitcoin’s bull run is over, it’s how quickly momentum returns once the temporary headwinds clear.