Bitcoin Price Not Being Suppressed, Selling by Long-Term Holders, Checkmate Says

Bitcoin’s price consolidation above $100,000 since May 2025 has sparked investor questions regarding its failure to surpass the previous all-time high of $112,000. While the brief dip below $100,000 on June 22nd coincided with heightened US-Iran tensions, the weekend’s typically low trading volume renders the price action less reliable. This is particularly relevant in the crypto market, characterized by its continuous trading, unlike traditional markets.

Despite positive developments such as increasing bitcoin acquisitions by public companies globally and the availability of Bitcoin ETFs in the US, the persistent price consolidation remains a key area of focus. On-chain analysis offers a potential explanation. Data, notably the revived supply breakdown by age, reveals significant selling pressure from long-term holders. These investors, holding bitcoin for periods ranging from three to over ten years, are offloading their assets, a phenomenon highlighted by analyst Checkmate.

Checkmate’s analysis points to a significant amount of “price suppression selling,” suggesting that for every buyer, there’s a willing seller. This selling pressure intensifies as the price rises within a bull market. Checkmate’s observation that the market is “always chopping sideways,” with persistent selling pressure, contradicts the prevailing narrative of deliberate market manipulation or suppression. The data suggests a more fundamental market dynamic at play, where long-term holders, irrespective of current market conditions, are actively liquidating their positions.

This sustained selling pressure may indicate factors beyond mere market manipulation. Potential contributing factors could include profit-taking by long-term holders, tax implications, or diversification strategies. Regardless of the underlying reasons, the on-chain data paints a clear picture of significant selling pressure counteracting buying pressure, thus hindering Bitcoin’s ascent to new all-time highs. The extended period of consolidation further underscores this ongoing market dynamic. Consequently, focusing solely on market manipulation as the primary driver may oversimplify the complex interplay of factors influencing Bitcoin’s price behavior.