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An analysis suggests that Bitcoin (BTC) long-term holders have shifted into a net-buying phase, easing sell-side overhang that had acted as a major source of downside pressure on the market throughout this year.

According to CoinDesk, a digital-asset (cryptocurrency) news outlet, long-term holders (Long-term Holder·LTH) who have held Bitcoin for at least 155 days recorded net purchases of about 33,000 Bitcoin (BTC) over the past 30 days. This is the first time since July that long-term holders have shown a net accumulation trend.

Data from on-chain analytics firm Checkonchain indicate that this turn to net buying is largely driven by investors who purchased Bitcoin over the past six months now rolling into the long-term holder cohort. The inflow rate of these new long-term holders is said to have exceeded the distribution supply from existing long-term holders, forming a net increase structure.

This year, selling by long-term holders has been cited as one of the biggest sources of sell-side pressure in the Bitcoin market. In the latest correction, long-term holders sold more than 1 million Bitcoin, marking the largest sell-side pressure from this cohort since 2019.

This sell-off represents the third long-term holder distribution phase in the current cycle. The first was in March 2024, when Bitcoin reached $73,000 and about 700,000 were sold. The second was in November of the same year, when Bitcoin hit $100,000 and more than 750,000 Bitcoin were released into the market.

The outlet reported, "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, changing the supply-demand structure," adding that this "suggests the burden of long-term holder selling on the market is gradually weakening."