[Analysis] "Bitcoin long-term holders' selling pressure eases… Ethereum whales add to holdings"

Bitcoin (BTC) long-term holders' selling pressure appears to be easing for the first time in six months, while large Ethereum (ETH) holders are increasing their accumulation, analysts said. However, overall market sentiment remains cautious.

On the 30th, crypto asset (cryptocurrency) news outlet Cointelegraph reported that the wallet holdings of long-term Bitcoin holders who have held Bitcoin for at least 155 days fell from about 14.8 million in mid-July to about 14.3 million in December, and that further selling has virtually stopped recently.

That day, crypto investor and entrepreneur Ted Pillows said on X (formerly Twitter), "For the first time since July, Bitcoin long-term holders have stopped selling," adding, "This is an area where a short-term rebound (relief rally) could be expected."

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

During the same period in the Ethereum market, whale accumulation stood out. Crypto newsletter The Milk Road, citing CryptoQuant data, reported, "Since the 26th, large Ethereum holders have purchased an additional roughly 120,000 ETH." Addresses holding more than 1,000 ETH currently account for about 70% of the total supply, and this share has been gradually increasing since the end of 2024.

The Milk Road analyzed, "If this trend continues, the market may be underreflecting the future path of Ethereum anticipated by large capital."

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

However, caution remains in the short term. Bitcoin traded in a range of about $86,744 to $90,064 over the past week. Market analytics firm Santiment explained that alongside price increases around the Christmas holidays, fear, uncertainty and doubt (FUD) expanded. Santiment said, "Bitcoin recovered to $90,000 immediately after the holidays but then fell below $87,000," adding, "Trader caution rose again after the price adjustment."

Selling pressure from the U.S. market is also cited 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; when negative, it is interpreted as relatively strong selling pressure and risk-off sentiment in the U.S. market.

The outlet noted, "The market is paying attention to whether the halt in long-term holders' selling and the accumulation by Ethereum whales can act as signals of mid-term supply-demand improvement."