Bitcoin's high conviction holders are turning into sellers as the crypto's price hits new lows

Key points

• Bitcoin's highest conviction holders have joined the sell-off in the cryptocurrency, which could signal the beginning of the end of the ongoing crypto slump, according to Compass Point.
• Long-term holders – defined as those that have held onto their coins for at least 155 days, or about five months – were largely inactive from February to April but have turned into sellers in recent weeks, Compass Point analyst Ed Engel said in a note Tuesday.
• In the past two days they've sold about $2.4 billion in bitcoin, "which has large implications on BTC's supply/demand balances," Engel said.
• He also highlighted that 26% of bitcoin sold in the last 30 days came from investors who bought it above $90,000. "This cohort of top-buyers had been resilient throughout the bear market;
• however, they're finally capitulating as BTC approaches new cycle lows," he added.