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▲ Bitcoin Whale
The selling volume from early long-term holders of Bitcoin (Bitcoin, BTC) has dropped to its lowest level since late 2024. Although the price trend remains weak, it's a sign that the selling pressure from old holdings that had been weighing on the market is rapidly cooling down.
According to U.Today, a cryptocurrency specialized media outlet, on June 23 (local time), data from the crypto analytics platform CryptoQuant shows a significant decrease in selling activity from early long-term Bitcoin holders. Investors who have held Bitcoin for more than 5 years are referred to as early long-term holders (OGs) in the market.
This metric has fallen to its lowest level since late 2024 after a recent decline. U.Today reported that market pressure is easing as long-term holders show a tendency to hold onto their assets for longer.
In this cycle, the selling intensity of early long-term holders was one of the highest in Bitcoin's history. Profit-taking occurred whenever the market briefly rebounded, and there were periods where large volumes, amounting to 10,000 BTC, 30,000 BTC, and even 142,000 BTC, were sold.
However, over the past three months, the average spending volume of early long-term holders has fallen below 1,000 BTC. The current figure is 962 BTC. This is the lowest figure since November 2024, indicating a clear slowdown in large-scale distribution by long-term holders.
U.Today pointed out that Bitcoin has not yet fully escaped its downward trend. However, with the weakening selling pressure from early long-term holders, which was identified as one of the causes of the recent price stagnation, analyses anticipating a reversal of the downtrend have also emerged.
A key variable in the Bitcoin market is whether the slowdown in selling volume leads to an actual recovery in demand. As the selling pressure from early long-term holders decreases, new buying interest could strengthen attempts at a price reversal.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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