Bitcoin Drops Below $100,000 For The Second Time In a Week
Bitcoin dropped below $100,000 for the second time within a week, trading near $98,400, driven by heavy liquidations and long-term holders selling large volumes. Over $683 million was liquidated in 24 hours, with Bitcoin accounting for $164.5 million. Long-term holders sold around 815,000 BTC in the past month, marking the highest selling levels since January 2024 and weakening price support. Analysts emphasize the impact of long-term holder behavior on market sentiment, cautioning about a deeper price drop if buyers don’t support the $98,000–$100,000 range.
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Bitcoin Falls Below $100,000 Again
Bitcoin fell below $100,000 for the second time in a week on Thursday, signalling renewed fragility in a market dominated by forced liquidations and heavy selling from long-term holders. At the time of reporting, BTC was trading near $98,400. The drop erased a brief recovery above six figures and pushed sentiment toward caution across major trading desks.
Massive Liquidations in the Crypto Market
The decline triggered a new wave of liquidations, wiping out over $683 million in the past 24 hours, including $556 million in long positions. Data from Coinglass highlights that Bitcoin alone accounted for $164.5 million in liquidations over the last four hours, with Ethereum and Solana adding another $145 million combined. Traders were heavily positioned for upside, exacerbating the selling pressure.
Sell-Off by Long-Term Holders (LTHs)
Adding to the pressure, long-term holders (LTH), one of Bitcoin’s most stable cohorts, sold approximately 815,000 BTC in the last 30 days. According to data from CryptoQuant, this marks the highest level of selling since January 2024. The chart indicates a sustained distribution across cohorts ranging from 6 months to 7+ years, contributing to a consistent supply overhang at current prices.
Historical Patterns in Long-Term Holder Activity
This wave of selling resembles prior cycle peaks, where long-term holders locked in profits after multi-month rallies. Each spike in LTH spending corresponds with local tops and periods of prolonged consolidation. The current climb of 815,000 BTC spent mirrors the heavy distribution seen during the 2021 and early-2024 highs, emphasizing a recurring pattern in Bitcoin cycles.
Impact on Market Sentiment
Market analysts highlight that long-term holder behaviour has a significant impact on market stability. When seasoned wallets send coins back into circulation, liquidity deepens, but price support weakens. Combined with the largest liquidation cluster of the week, the market absorbed both forced and voluntary selling, magnifying the drawdown.
Key Levels to Watch
The next critical support level is the $98,000–$100,000 range, where buyers need to step in to prevent a deeper decline toward mid-cycle support levels. The market remains fragile, with emotional corrections becoming increasingly common in 2025, as noted by market commentators such as The Kobeissi Letter: "All asset classes are trading sharply lower today, with attempted intra-day relief rallies being sold into new lows."