# Bitcoin Long-Term Holders Capitulate: $2.4 Billion Sold in 48 Hours as BTC Tests Critical $63K Support
Bitcoin’s most resilient investors are finally throwing in the towel. Long-term holders — those who have held their coins for at least 155 days — have turned into sellers for the first time since February, dumping about $2.4 billion worth of BTC in just the past two days.
The sell-off has pushed Bitcoin to its lowest level since February 2026, with the world’s largest cryptocurrency trading near $63,649 as of June 4. That represents a 13% decline on the week and a 50% drop from the October 2025 all-time high of $128,198.
High-Conviction Holders Capitulate
Compass Point analyst Ed Engel says long-term holders had remained largely inactive from February through April, holding firm through earlier price declines. That patience has now worn thin.
“In the past two days they’ve sold about $2.4 billion in bitcoin, which has large implications on BTC’s supply/demand balances,” Engel said in a note Tuesday.
A deeper look at the data shows that 26% of all bitcoin sold in the last 30 days came from investors who bought above $90,000.
“This cohort of top-buyers had been resilient throughout the bear market but they’re finally capitulating as BTC approaches new cycle lows,” Engel added. “Top-buyer capitulation is a very common theme in late cycle bear markets. This makes us more confident that BTC’s bear market is in late stages.”
ETF Outflows Accelerate
Selling pressure extends beyond individual holders. Bitcoin spot ETFs have now recorded 12 consecutive days of net outflows — the longest streak on record. Net assets across Bitcoin ETFs have fallen to $85 billion, down from $107.8 billion on May 14, according to SoSoValue data.
This outflow streak coincides with a broader rotation out of crypto assets as equity markets continue to hit new highs.
Liquidity Battle With Blockbuster IPOs
Analysts at QCP Capital point to a “liquidity rotation” as the main driver of Bitcoin’s weakness.
“Crypto is facing competition for capital as equity markets continue to outperform,” QCP’s trading desk noted. “Both crypto-native investors and traditional asset managers are being pulled toward stronger equity narratives.”
Investors are freeing up liquidity from Bitcoin positions to participate in highly anticipated IPOs from SpaceX, OpenAI, and Anthropic — among the biggest market events of the year.
Key Support Levels In Play
Technical analysts are watching the $65,000 level as a critical battleground.
“Bitcoin needs to hold around $65,000. That’s the last bastion of support before a test of year-to-date lows around $60,000,” said Jonathan Krinsky, technical strategist at BTIG.
QCP Capital sees initial support at $63,000 to $64,000, where bids emerged in February and March. A break below that would bring $62,000 into focus, followed by the $60,000 psychological level and current cycle lows.
Bitcoin’s market capitalization has slipped to roughly $1.27 trillion as selling pressure shows no signs of abating.
Strategy’s Minor Sale Triggered Cascade
The latest leg lower was triggered after Michael Saylor’s Strategy Inc. sold 32 BTC — worth about $2.5 million — marking its first sale since 2022. The sale itself was negligible relative to Strategy’s total holdings, but it triggered fear-based unloading and a cascade of long liquidations that accelerated the downward pressure.
That single minor transaction sparked a chain reaction that wiped out over a billion dollars in leveraged long positions across the crypto derivatives market.
Bear Market Signals or Final Capitulation?
Despite the grim price action, some analysts see the long-term holder capitulation as a potential bottom signal. Historically, periods where diamond-handed investors finally sell have marked the final stage of bear markets before a recovery.
Uncertainty around the Iran conflict and its impact on risk assets continues to keep Bitcoin under pressure. The divergence between crypto and equities — with stocks hitting records while Bitcoin languishes — has undermined both of Bitcoin’s dominant narratives: that it is “digital gold” that should benefit from geopolitical uncertainty, and that it trades like a high-beta tech stock.
For now, Bitcoin remains caught between two identities, with neither narrative providing support in the current environment.
FAQ
Why are long-term Bitcoin holders selling now?
After holding through months of decline, long-term holders have turned into sellers as BTC approaches new cycle lows. The $2.4 billion in sales over 48 hours points to a capitulation event seen in late-stage bear markets.
How does the ETF outflow streak impact Bitcoin’s price?
Twelve consecutive days of net ETF outflows represent sustained institutional selling pressure, removing a key source of demand that had supported prices.
What is the next major support level for Bitcoin?
Analysts identify $63,000-$64,000 as near-term support, with $60,000 as the psychological level and current cycle low. A break below $58,000 would open the door to deeper losses.
