Bitcoin is experiencing significant selling pressure, trading around $110,000, as long-term holders (LTHs) offload substantial amounts of the cryptocurrency. According to Glassnode, LTHs, who have held Bitcoin for at least 155 days, have sold over 300,000 BTC since June, with more than 100,000 BTC sold in recent days. Additionally, whales, defined as entities holding over 10,000 BTC, are also distributing heavily, while smaller holders continue to accumulate. This selling activity occurs despite traditionally bullish expectations for the fourth quarter and the period 18 months after Bitcoin's halving.