Bitcoin reclaims $110K – Now THIS will make or break BTC’s new rally

• Bitcoin touched $110K for the third time this cycle, coming into a contemporary value discovery section.
• In comparison with previous cycles, present promoting stays average, with Lengthy-Time period Holder Provide nonetheless rising.

Over the previous two weeks, Bitcoin [BTC] surged to a brand new all-time excessive of $110K for the third time this cycle.

With the value surge, Bitcoin formally entered the value discovery section. Traditionally, discovery phases are adopted by important sell-offs, as revenue takers make the most of the chance to exit and derisk at new highs.

Naturally, that’s what present on-chain metrics are starting to point out.

Older wallets begin to transfer—however cautiously

Supply: Checkonchain

Knowledge from Checkonchain revealed a pointy drop within the HODLer Internet Place Change metric, which fell to -30.8K BTC.

With this metric dropping to a adverse worth for a sustained interval, it means that long-term holders are shifting cash.

In accordance with Glassnode, spending by long-term holders is at present at a 3-month excessive.

Furthermore, Spent Quantity by Age confirmed that mixture BTC gross sales from the 1–5 12 months cohort spiked to $4.02 billion—marking the very best such outflow since February.

Supply: Glassnode

Those that have held Bitcoin for 3–5 years have spent probably the most, promoting BTC value $2.16 billion. That is the second-largest outflow from the cohort this cycle.

The two–3 12 months cohort adopted with $1.41 billion in spent quantity, whereas 1–2 12 months holders moved $450 million.

How does it stack up towards earlier cycles?

Supply: Glassnode

Though spending by long-term holders appears comparatively excessive, it nonetheless stays low after we take a look at earlier cycles.

In February 2025, Bitcoin holders for two to three years offered $5.42 billion value of BTC. In October 2024, those that held for 1 to 2 years offloaded $9.25 billion.

This pattern reveals that older wallets are likely to promote extra as costs rise, as seen in November 2024, when the three to 5-year cohort offered $4.39 billion value of BTC throughout a value rally.

Supply: Checkonchain

Furthermore, the Lengthy-Time period Holder Provide Internet Place Change stays optimistic at round 745K BTC. That signifies a internet accumulation pattern, not mass exit habits.

Why this nonetheless favors BTC’s upside

Though older wallets are promoting Bitcoin, they don’t seem to be spending as a lot. Due to this fact, the present spending charge, though regarding, primarily based on historic cycles, LTHs are holding robust.

Wanting on the provide dynamics, plainly some long-term holders are strategically exiting the market to take a revenue.

Due to this fact, we will say that it’s the traditional market sample as Bitcoin enters the invention section.

Except promoting strain accelerates sharply, BTC’s bullish trajectory stays intact. If present circumstances persist, Bitcoin may goal $120K within the brief time period—earlier than extra aggressive profit-taking kicks in.