[Analysis] "Bitcoin sees slowdown in long-term holders’ selling"

An analysis suggests that as selling by long-term Bitcoin (BTC) holders slows, market momentum could build.

On the 20th (Korea time), The Block reported, citing a report published by asset manager VanEck, that the volume of Bitcoin transfers by long-term holders fell 31% month on month.

The report said, "A decline in transfer activity among the long-term holder cohort indicates that selling pressure from seasoned investors is easing," adding that "this is potentially a constructive signal for the market."

It is also a positive signal for the market that selling pressure from Bitcoin miners has not expanded. The report explained, "Despite a recent deterioration in mining profitability, miners’ selling has not increased meaningfully," and "Bitcoin outflows to exchanges rose by only about 1%."

Still, the report noted that the worsening profitability across the mining industry remains an overhang.