[Analysis] "Bitcoin long-term holders' selling pressure eases… Ethereum whales continue accumulating"

Amid signs that selling pressure from Bitcoin (BTC) long-term holders is easing for the first time in six months, analysts say large Ethereum (ETH) holders are expanding their accumulation. However, overall market sentiment remains cautious.

On the 30th, according to crypto asset (cryptocurrency) media Cointelegraph, the wallet holdings of long-term Bitcoin holders who have held BTC for at least 155 days decreased from about 14,800,000 in mid-July to about 14,300,000 in December, and recent data show further selling has essentially stopped.

On the same day, crypto investor and entrepreneur Ted Pillows tweeted on X (formerly Twitter) that "long-term Bitcoin holders have stopped selling for the first time since July" and called it "a period where a short-term rebound (relief rally) could be expected."

Market participants view the movements of long-term holders and whale investors as important factors influencing price formation. Their trades often provide direct or indirect signals about liquidity and investor sentiment.

In the Ethereum market during the same period, whale accumulation stood out. Crypto newsletter The Milk Road, citing CryptoQuant data, reported that "since the 26th, large Ethereum holders have bought roughly 120,000 ETH." Addresses holding 1000 ETH or more currently account for about 70% of the total supply, and this share has been gradually rising since the end of 2024.

The Milk Road analyzed that "if this trend continues, the market may be underreflecting the future path of Ethereum that large funds anticipate."

Garrett Jin, the former CEO of the now-defunct crypto exchange BitForex, predicted that "after strong rallies in silver, palladium, and platinum, investor funds are likely to move from these metals into Bitcoin and Ethereum."

However, cautious views persist in the short term. Over the past week, Bitcoin traded in a range between $86,744 and $90,064. Market analytics firm Santiment explained that around the Christmas holidays, price gains coincided with increased fear, uncertainty, and doubt (FUD). Santiment noted that "Bitcoin briefly reclaimed $90,000 right after the holiday but slipped below $87,000," adding that "traders' wariness rose again after the price adjustment."

Selling pressure from the U.S. market is also identified as a variable. According to CoinGlass, the Coinbase Bitcoin premium index remains in negative territory. The index measures the difference between Bitcoin prices on Coinbase and the global average price, and when negative is interpreted as relatively stronger selling pressure and risk-aversion tendencies in the U.S. market.

The outlet said, "The market is watching whether the halt in long-term holders' selling and Ethereum whales' accumulation can act as a mid-term supply-demand improvement signal."