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Bitcoin Tests $63K, Down 50% From October High as Long-Term Holders Dump at Losses

Market Analysis Price Volatility

2026-07-17 11:26:56

BTC-1.35%

According to Glassnode data, on Friday Bitcoin traded near $63,000, down 1.7% on the day and 50% below its October record of $126,080, as long-term holders—representing more than 65% of coins flowing into exchanges—continued realizing losses. Analysts told Decrypt the sell-off reflects a broader retreat from risky assets and institutional deleveraging across markets, rather than crypto-specific deterioration. Tim Sun, senior researcher at Hashkey, noted that with leverage uncrowded and selling concentrated in spot markets, the downside may be limited absent a larger external shock.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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