Bitcoin Holders Are Selling, But This Time It’s Different: What You Need to Know

Long-term Bitcoin holders are selling, but the pattern looks nothing like the last peak, and the difference raises a critical question about who is actually driving the current rally and whether it can hold.

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Bitcoin (CRYPTO:BTC) holders are starting to cash out, but the current trend of Bitcoin profit-taking in September 2026 doesn’t match what we’ve seen at previous market peaks. Long-term holders are enjoying an average gain of about 72% now, according to CryptoQuant, significantly lower than the whopping 350% seen in December 2024. This means that those who sold heavily during the last peak have far less incentive to sell today.

Interestingly, wallets holding between 100 and 1,000 BTC have increased their total by 113,950 BTC since July 15, according to Santiment. As of September 26, Bitcoin is trading near $84,100, up 4.6% over the past month. The price has risen despite the selling activity, but which group should Bitcoin holders watch?

Long-Term Holders Sold Far Harder at the 2025 Bitcoin Tops

In earlier market cycles, most selling pressure came from long-term holders—those who held Bitcoin for at least five months. These investors typically have the lowest purchase prices and the highest gains. When they sold during a rally, newer investors often bought at peak prices until demand ran out.