Analysis: Long-Term Bitcoin Holders Slow Selling, Easing Downside Pressure

Long-term Bitcoin holders have recently slowed their selling, data show.

CoinDesk reported on June 23, citing CryptoQuant data, that the 90-day moving average of Bitcoin transferred by investors who have held the token for more than five years fell to 962 BTC. The metric tracks the volume of Bitcoin long-term holders move, typically for purposes such as selling. That was the lowest level since November 2024, CoinDesk reported.

Selling pressure on Bitcoin is also easing. CryptoQuant said long-term holders are choosing to keep their Bitcoin rather than sell at current price levels, a trend that is helping reduce selling pressure.

Outflows from US spot Bitcoin exchange-traded funds are also slowing. According to on-chain analytics firm SoSoValue, US spot Bitcoin ETFs posted net weekly outflows of $180 million last week. That was sharply lower than the $1.72 billion in net outflows recorded in the first week of June. CoinDesk said the slowdown in spot Bitcoin ETF outflows over the past two weeks is also a positive signal for the crypto market.