On-chain data indicates that Bitcoin long-term holders (LTHs) have recently seen their netflow increase, suggesting that selling pressure from these steadfast investors is easing.
In a new post on X, Glassnode analyst Chris Beamish discussed the latest trend in Bitcoin LTH behavior. This group, which includes investors who have held their tokens for more than 155 days, represents one of the two main market divisions based on holding time. Statistically, the longer an investor holds their coins, the less likely they are to sell. As a result, LTHs are seen as the more resolute side of the market.
However, even these resilient investors sell during certain market phases, as shown in the chart shared by Beamish. The Bitcoin LTH Net Position Change, which tracks the monthly net amount of BTC entering or leaving the group’s combined balance, turned negative in the last quarter of 2025 as Bitcoin’s price shifted bearishly. Since then, the indicator has mostly remained in negative territory, indicating continued selling by these long-term holders.
The chart shows that the selloff intensified when BTC dropped to around $60,000 last month, suggesting that the volatility prompted even some of the most steadfast holders to part with their tokens. However, since hitting a negative peak coinciding with those price lows, the Bitcoin LTH Net Position Change has been climbing back up. While still negative, indicating ongoing monthly selling pressure, the degree of selling has notably decreased.
“After months of sustained net selling, LTH net position change is now easing, suggesting that selling pressure from seasoned holders is moderating as BTC stabilizes,” the analyst noted. It remains to be seen whether this trend will continue or if long-term holders have more selling ahead.
In other news, recent attempts by Bitcoin to reach the $70,000 level have been met with profit-taking, as highlighted by Glassnode in another X post. The graph shows that the 12-hour moving average of Bitcoin Net Realized Profit/Loss spiked above $5 million per hour during Monday’s rally. This metric crossing the same threshold also capped previous recovery attempts over the past month.
“The asymmetry reflects the fragility of the current demand structure,” Glassnode stated.
Meanwhile, Bitcoin has retraced slightly to $68,500 since Monday’s high.
Frequently Asked Questions
FAQs Bitcoins LongTerm Selling Distribution
BeginnerLevel Questions
What does longterm selling or distribution mean for Bitcoin
It refers to a period where longterm holders are selling or moving their coins onto exchanges potentially to take profits This increases the available supply on the market
Why is a slowdown in longterm selling potentially important
A slowdown suggests that longterm holders are becoming less inclined to sell This can reduce selling pressure which is often a necessary condition for the price to stabilize or enter a new upward trend
What are the signs that longterm selling is slowing down
Analysts look at onchain data such as a decrease in the movement of older coins to exchanges a rise in the HODL Waves metric and a decline in exchange inflows from longterm holder addresses
Could this mean the bear market is over
Not necessarily on its own but it is often considered a key prerequisite for a bear market to end It indicates that the phase of strong persistent selling by committed investors may be exhausting itself
What is an extended period of distribution
Its a prolonged phase where the market absorbs selling from longterm holders and early investors distributing coins from strong hands to new buyers This typically happens after a major price peak
Advanced MarketStructure Questions
How do we measure longterm holder behavior
Primarily through onchain analysis using metrics like
LTHSOPR Spent Output Profit Ratio for LongTerm Holders Values consistently below 1 indicate they are selling at a loss which often happens near market bottoms
Coin Days Destroyed Tracks the movement of coins that have been idle for a long time Spikes indicate increased selling by longterm holders
Exchange Inflows from Whale Addresses Monitors if large old wallets are sending coins to exchanges
Whats the difference between distribution and capitulation
Distribution A broader often slower process of coins changing hands over time
Capitulation A specific intense phase within a distribution where longterm holders sell rapidly often at a loss due to panic or exhaustion A slowdown in selling often follows a capitulation event