[Analysis] Bitcoin Long-Term Holder Selling Eases as Market Turns More Rational

Bitcoin exchange inflows from long-term holders have fallen well below the annual average, signaling that selling by long-term investors is easing, according to an analysis.

CryptoQuant contributor Darkfost said on Sept. 26 that an interesting shift had emerged in Bitcoin exchange flows from long-term holders. Their activity has cooled recently, with exchange inflows running far below the annual average.

Long-term holders generally refer to investors who have held Bitcoin for an extended period without moving it. When they send coins to exchanges, it can signal preparations to sell, making the metric a gauge of potential selling pressure in the market.

Darkfost said exchange inflows from long-term holders were especially active at the bull-market peak in March 2024. At that time, those inflows rose to more than five times the annual average. By contrast, activity was relatively muted at the 2025 peak, before increasing again as the bear market took hold.

He added that the pattern also aligns with loss realization by investors who bought Bitcoin near the top. Activity by long-term holders has now cooled somewhat and remains well below the annual average. Their behavior is changing, and the market is gradually becoming more rational.