Bitcoin falls toward $63,000 as long-term holders dominate exchange selling

Bitcoin was trading near $63,000 on Friday after failing to hold $65,000 earlier in the week, as a broader retreat from risk assets and persistent selling by long-term holders kept pressure on the market. CoinGecko data cited in the latest market update showed Bitcoin at about $63,020, down 1.7% on the day, after touching an intraday low of $62,640 and breaking below a "$64,500 Put Wall" linked to this week’s options expiry. Analysts told Decrypt the move reflected cooling macro risk appetite rather than a clear deterioration in crypto-specific fundamentals. Tim Sun of Hashkey said global stocks were correcting and deleveraging in semiconductor and AI-related assets was weighing on institutional Bitcoin exposure, while Daniela Hathorn of Capital.com said the overnight drop looked negative but the broader setup appeared less bearish than the headline move suggested. On-chain data pointed to older holders as the main source of supply. Glassnode said more than 65% of coins flowing into exchanges were from long-term holders realizing losses, a pattern it said resembled earlier bear-market phases when that cohort dominated the sell side before eventually exhausting. Sun said investors who have held Bitcoin for one to two years were gradually accepting losses and exiting, capping the rebound even after a supportive U.S. inflation report. Spot Bitcoin ETF flows turned modestly positive after a $425 million outflow on Monday, with $181 million of inflows on Tuesday and $108 million on Wednesday, according to Farside Investors, but that recovery has not yet been enough to stabilize prices. The funds have attracted about $51 billion since launching in 2024. Sun said selling pressure may be nearing a peak and, absent a larger external shock, Bitcoin could be forming a choppy bottom as realized losses ease and leverage remains relatively uncrowded.