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Summary
- It reported that long-term Bitcoin holders have been net buyers of about 33,000 BTC over the past 30 days, easing the selling overhang that had persisted throughout the year.
- It said investors who bought over the past six months are being incorporated into long-term holders, and their inflow pace has exceeded existing long-term holders’ distribution volume, forming a net increase structure.
- It reported that after three rounds of long-term holder selling this year, recent inflows are being incorporated into the long-term holder cohort, shifting supply-demand dynamics as the selling overhang weakens.
An analysis suggests that as long-term Bitcoin (BTC) holders have shifted into a net-buying phase, the selling overhang that had acted as a key source of downside pressure on the market throughout this year is easing.
According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), long-term holders (LTH)—defined as those who have held Bitcoin for at least 155 days—were net buyers of about 33,000 BTC over the past 30 days. It is the first time since July that long-term holders have shown net accumulation.
Data from on-chain analytics firm Checkonchain indicate that this shift to net buying is largely driven by investors who bought Bitcoin over the past six months now rolling into the long-term holder cohort. The report explains that the pace of inflows from these new long-term holders has exceeded the distribution volume from existing long-term holders, creating a net increase dynamic.
This year, selling by long-term holders has been cited as one of the biggest sources of selling pressure in the Bitcoin market. In fact, during the recent correction, long-term holders sold more than 1 million BTC, marking the largest selling pressure from this cohort since 2019.
This bout of selling represents the third long-term holder distribution phase in the current cycle. The first occurred in March 2024, when Bitcoin reached $73,000, with about 700,000 BTC sold. The second came in November of the same year, when Bitcoin hit $100,000, releasing more than 750,000 BTC into the market.
The outlet noted, "Given that it takes 155 days to be classified as a long-term holder, buy-side capital that flowed in over recent months is now being incorporated into the long-term holder cohort and is changing supply-demand dynamics," adding that it "suggests the drag from long-term holder selling on the market is gradually weakening."
