[Analysis] "Bitcoin long-term holders switch to net buying for the first time since July…signal of easing selling pressure"

Long-term holders of Bitcoin (BTC) have shifted to a net-buying phase, and analysts say that the selling burden, which had acted as a major downward pressure on the market throughout the year, is easing.

According to crypto asset (cryptocurrency) specialist media CoinDesk on the 30th, long-term holders (Long-term Holder·LTH) who have held Bitcoin for at least 155 days were net buyers of about 33,000 Bitcoins (BTC) over the most recent 30-day period. It is the first time long-term holders have shown a net-accumulative flow since July.

On-chain analytics firm CheckOnChain's data indicate that this shift to net buying largely reflects investors who bought Bitcoin over the past six months being incorporated into the long-term holder cohort. The inflow speed of these new long-term holders exceeded the distribution volume of existing long-term holders, creating a net-increase structure.

This year's selling by long-term holders has been cited as one of the largest selling pressure factors in the Bitcoin market. In fact, during the recent correction long-term holders sold more than 1,000,000 Bitcoins, which represents the largest selling pressure from this group since 2019.

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

The outlet said, "Considering that it takes 155 days to be classified as a long-term holder, the buying funds that flowed in recent months are now being included in the long-term holder cohort and are changing the supply-demand structure," adding, "This suggests that the burden of long-term holder selling on the market is gradually weakening."