Since September, both MicroStrategy and U.S.-listed spot ETFs have collectively acquired around 200,000 bitcoin. Bitcoin’s price surge began following Donald Trump’s victory in the U.S. election on November 5, climbing from $67,000 to approximately $100,000. This price increase has been accompanied by a significant rise in bitcoin’s overall trading volume, which has now exceeded $100 billion.
According to data from Checkonchain, bitcoin futures trading volume reached a record high of about $120 billion on November 17, nearly doubling since the U.S. election. However, since that peak, the futures trade volume has leveled off and stabilized around $100 billion. Similarly, spot trading volume has also doubled, from around $6 billion to $12 billion. Spot-listed U.S. exchange-traded funds (ETFs) have also seen increased activity, with daily trade volume reaching $4 billion.
Bitcoin is currently trading within a critical range of $100,000, frequently fluctuating around this psychological threshold. A significant factor contributing to this is the substantial selling pressure from long-term holders (LTHs) — those who have held bitcoin for more than 155 days. Since September, LTHs have sold 843,113 BTC, while short-term holders (STHs), who have held bitcoin for less than 155 days, have acquired 1,081,633 BTC. This equates to approximately 9,960 BTC being sold daily by LTHs, while STHs are accumulating 12,432 BTC per day.
When comparing trading volumes from LTHs and STHs to major players like MicroStrategy and U.S. ETFs, the disparity becomes evident. MicroStrategy, the self-proclaimed bitcoin development company, currently holds 423,650 BTC, which represents just over 2% of the total supply. U.S. ETFs, meanwhile, now control more than 1 million bitcoin.
Since September, MicroStrategy has accumulated 197,250 BTC, averaging roughly 2,168 BTC per day, while U.S. ETFs have added approximately 205,000 BTC, averaging 2,253 BTC per day. The balance of U.S. ETFs has increased from 916,000 BTC to 1.12 million BTC during this time.
For bitcoin to decisively surpass the $100,000 mark, it will require either long-term holders to reduce their selling activity or for larger cohorts to enter the market and absorb the available supply.
