Bitcoin long‑term holders (LTHs) have halted net selling for the first time since July, according to on‑chain data, signaling a potential shift in market behavior among some of the ecosystem’s most conviction‑driven participants.
Bitcoin long‑term holders (LTHs) have halted net selling for the first time since July, according to on‑chain data, signaling a potential shift in market behavior among some of the ecosystem’s most conviction‑driven participants.
What the Data Shows
Long‑term holders—typically defined as wallets holding BTC for 155 days or more—had been consistently distributing coins through much of the second half of the year. The latest data now shows:
- Net selling pressure has dropped to zero or turned neutral
- LTH balances have stabilized, ending a multi‑month distribution phase
Why This Matters
Historically, changes in long‑term holder behavior often precede broader market moves:
- Distribution phases tend to occur near local or cycle highs
- Re‑accumulation or holding phases often emerge during consolidation or before renewed upside
The pause in selling suggests LTHs may be regaining confidence in current price levels or choosing to wait for higher valuations.
Market Implications
- Reduced sell‑side pressure on spot markets
- Greater influence from short‑term traders and derivatives flows
- Potential setup for supply tightening if demand remains steady or increases
However, analysts caution that a pause in selling does not automatically imply immediate price appreciation—it may also reflect indecision or consolidation.
What to Watch Next
Key indicators to monitor include:
- Whether LTHs transition from neutral to net accumulation
- Exchange inflows from older coins
- Demand signals such as ETF flows and on‑chain volume
For now, the data marks a notable inflection point: Bitcoin’s long‑term holders have stopped distributing coins for the first time since July, removing a key source of structural sell pressure from the market.
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