Bitcoin Long-Term Holder Selling Eases: Are We Seeing the End of a Prolonged Distribution Phase?

Recent on-chain data indicates that Bitcoin long-term holders (LTHs) are experiencing increased netflows, suggesting that the selling pressure from these steadfast investors is decreasing.

Key Takeaways

Bitcoin long-term holders are showing signs of reduced selling pressure.
The LTH Net Position Change indicator has become less negative, marking a potential shift.
Recent market fluctuations have spurred some cautious selling among even the most steadfast investors.
Profit-taking events occur when Bitcoin approaches $70,000.
The current price of Bitcoin has retraced slightly to $68,500.

Bitcoin

Easing Selling Pressure from Bitcoin Long-Term Holders

In a recent update on X, Glassnode analyst Chris Beamish examined the changing patterns among Bitcoin long-term holders (LTHs). This group consists of investors who have held their Bitcoin for over 155 days, representing a significant portion of the market based on holding duration.

Statistically, the longer individuals hold onto their Bitcoin, the less inclined they are to sell. Therefore, LTHs are often seen as the more steadfast segment of the cryptocurrency market. However, despite their usual resilience, they do engage in selling at various points in the market cycle, as is currently the case.

Bitcoin LTH Netflows
How the netflow of BTC LTHs has evolved over the past couple of years | Source: @ChrisBeamish_ on X

The graph provided by Beamish illustrates that the Bitcoin LTH Net Position Change—which measures the monthly net BTC entering or leaving this group's overall balance—turned negative during a price decline in the last quarter of 2025. Since that time, the indicator has primarily remained negative, indicating ongoing distribution from these long-term holders.

The recent downturn intensified as Bitcoin's price dipped to around $60,000 last month, prompting some long-term holders to relinquish their investments amid heightened volatility. However, following the negative peak concurrent with price lows, the LTH Net Position Change has begun to rise again. Although it still indicates negative values, this shows a notable decrease in selling pressure month-over-month. According to Beamish, "After months of sustained net selling, the LTH net position change is now easing, suggesting that selling pressure from seasoned holders is moderating as BTC stabilizes."

Moving forward, it will be crucial to monitor whether the Bitcoin LTH Net Position Change continues to trend upward or if the selling from these diamond hands isn’t yet complete.

Additional Insights

In related news, Bitcoin’s attempts to breach the $70,000 mark have often resulted in profit-taking, as noted by the on-chain analytics firm Glassnode in a post on X.

Bitcoin Net Realized Profit/Loss
The Net Realized Profit/Loss has remained largely neutral in recent days | Source: Glassnode on X

As shown in the graph, the 12-hour moving average of Bitcoin’s Net Realized Profit/Loss soared above $5 million per hour during a recent rally on Monday. This surge also limited previous recovery attempts and indicates the current demand structure's vulnerability. "The asymmetry reflects the fragility of the current demand structure," noted Glassnode.

Current Bitcoin Price Snapshot

After reaching a peak earlier in the week, Bitcoin has experienced a slight pullback to a price of $68,500.

Bitcoin Price Chart
The trend in the price of Bitcoin over the last five days | Source: BTCUSDT on TradingView