Bitcoin is running dry—not from a lack of demand, but from a tightening grip by those who believe in its long-term value.
According to Hunter Horsley, CEO of Bitwise Asset Management, Bitcoin has officially entered a “no-sell zone.” Despite the looming fear of a large-scale sell-off near the US$130,000 mark, the market remained calm. Why? Because most holders are refusing to let go.
Bitcoin hits a “no-sell zone” as long-term holders tighten their grip on supply ( Image Source: Bitcoin.com News )
Big Money Isn’t Budging
Not long ago, analysts expected a sharp correction if Bitcoin touched $130K. Instead of mass liquidations, the market witnessed resilience. Institutional investors, once seen as fair-weather participants, are now anchoring the market.
Horsley summed it up: “Most of the float is now locked with holders who have little intention of selling, even with price doubling.”
Institutional flows aren’t just boosting demand—they’re reshaping the market. Bitcoin is evolving from a speculative asset to a long-term, strategic reserve.
On-Chain Signals Show a Lockdown in Supply
Glassnode, a leading on-chain analytics platform, has observed a significant shift in coin movement. Bitcoins are increasingly migrating to cold storage and long-term wallets. These wallets are rarely touched, further draining the available supply.
Another trend reinforcing the squeeze is the rise in borrowing against Bitcoin rather than selling it. Investors are leveraging their holdings as collateral, preserving their position while accessing liquidity—yet another sign of deep conviction in BTC’s future value.
This isn’t simple hoarding. It’s strategic positioning.
This is the quiet shift happening behind the scenes. BTC is slowly transitioning from an asset people sell… to one they borrow against. That’s how long-term supply dries up and prices explode.
— Kevin Godbey | Build for Legacy (@GodbeyBuilt) June 11, 2025
The Phantom Sell-Off That Wasn’t
When talk of a major $130K sell-off emerged, many expected a wave of profit-taking. But the feared dump never materialised. Instead, the sell wall faded, leaving behind a market that looked stronger than ever.
To Horsley, this moment signalled a fundamental shift: “It shows how confident holders are. This isn’t a market waiting to exit. It’s a market waiting to accumulate.”
What could’ve been a peak may, in fact, be the beginning of a new leg upward.
Also Read: Altcoins Surge as Inflation Cools: XRP, HYPE, and VIRTUAL Take the Lead
Miners Play the Long Game
Bitcoin miners—often forced to sell to cover operational costs—are adjusting their behaviour. Rather than dumping large amounts during price rallies, they’re selling gradually and strategically.
This methodical approach reduces sell pressure and adds to the growing liquidity crunch. Combined with the recent halving, which cut miner rewards, the number of new coins entering circulation has dropped significantly.
I think once Bitcoin breaks through eg $130-150k, no one is going to sell their Bitcoin.
Right now at $100k, it seems individuals who hold a lot of Bitcoin that was bought a long time ago at very low prices, are selling some.
That said, once Bitcoin breaks new levels, this…
— Hunter Horsley (@HHorsley) June 10, 2025
“No-Sell Zone” Isn’t Just Buzz—It’s a Market Shift – says Bitwise
The term “Bitcoin no-sell zone” reflects a broader change in how participants—both retail and institutional—view the asset.
Retail investors are getting smarter. Many are now mirroring institutional strategies by relying on on-chain data, risk management tools, and long-term financial planning. The emphasis is shifting from quick profits to portfolio resilience.
Simultaneously, institutions are taking longer positions, focused on fundamentals rather than fast exits. This change in behaviour flattens volatility and strengthens bullish momentum during demand surges.
In simple terms: fewer sellers mean stronger price floors—and potentially higher price ceilings.
What Could Break This Momentum?
Bitcoin’s future isn’t risk-free. Regulatory uncertainty, sudden interest rate changes, or geopolitical shocks could shake even the strongest hands. But for now, the structure supports the sentiment.
With so much BTC effectively off the market, even modest buying can trigger meaningful price appreciation.
Are New Highs on the Horizon?
Horsley has stopped short of predicting exact price targets. But his outlook hints at a coming price discovery phase. Others in the analytics community agree: if this holding trend continues, Bitcoin could easily surpass its previous all-time highs.
The cocktail of supply constraints, growing institutional interest, and increasing retail sophistication is a rare alignment in crypto history.
Final Word: Bitcoin’s Quiet Revolution
What we’re witnessing might be a pivotal moment in Bitcoin’s story. A market once dominated by hype is slowly transforming into one fuelled by structure, strategy, and scarcity.
If the current trajectory holds, Bitcoin’s next move won’t be driven by emotion—it’ll be driven by mathematics.
And that makes all the difference.
Key Takeaways
- The feared US$130K Bitcoin sell-off never occurred—thanks to strong holder conviction.
- Long-term holders and institutions are locking up BTC supply.
- Borrowing against Bitcoin is replacing the need to sell.
- On-chain data from Glassnode confirms dwindling liquidity.
- Market behaviour signals a full entry into the “no-sell zone”—potentially setting the stage for a major bull run.
