Bitcoin’s long-term holder cohort appears to have stopped net selling, 
according to multiple on-chain commentators, in a shift that could remove a 
key source of structural supply pressure heading into 2026. The change hinges 
on a supply-change read of long-term holders (coins held longer than six 
months), which had been negative for months but has now turned modestly 
positive, said on-chain analyst Darkfost. Is This The Bitcoin Bottom Signal? 
Darkfost argues that recent claims about long-term holders “selling more than 
ever” miss what the data is actually showing, especially when large, discrete 
exchange-related movements skew the picture. “On this chart, which I adjusted 
to isolate the movement of nearly 800,000 BTC from Coinbase that was 
distorting LTH data, we can observe a clear shift in supply change,” Darkfost 
wrote. “Since July 16, the monthly LTH supply change (30 day sum) had been 
firmly anchored in a distribution phase until recently.” Related Reading: 2026 
Bitcoin Price Predictions: What Banks, Institutions And Experts Forecast In 
plain terms, that meant the share of supply held by long-term holders had been 
declining for much of the second half of 2025, a regime that tends to coincide 
with persistent sell pressure as older coins rotate into the market. That 
phase, Darkfost said, has now ended, at least for the moment. “We have now 
moved back into positive territory, with around 10,700 BTC transitioning into 
long term held coins,” Darkfost wrote, calling it “a very modest change,” but 
“not insignificant.” The implication is that long-term holders have eased off 
distribution enough for their aggregate holdings to start rising again, even 
as short-term holders “continue to hold their BTC,” in Darkfost’s framing. 
CryptoQuant CEO Ki Young Ju echoed the directional takeaway in a shorter post, 
saying, “Bitcoin long-term holders stopped selling.” Related Reading: Bitcoin 
Risks A Year-Long Bear Market If This Happens: On-Chain Data VanEck’s head of 
digital research Matthew Sigel characterized the turn as a meaningful shift in 
positioning pressure via X. “BTC: Long-term holders turn net accumulators, 
easing a major Bitcoin headwind and ending, for now, the largest sell pressure 
event from this cohort since 2019,” Sigel wrote. Renowned expert James Van 
Straten added historical context to the scale of the move, saying the 
magnitude of distribution “marked the 2019 bottom as well,” suggesting the 
current inflection is notable even if it doesn’t, by itself, guarantee a 
repeat. Darkfost also pointed to historical patterning around these flips. 
“Historically, such shifts have often preceded the formation of consolidation 
phases or even bullish recoveries, depending on how the broader trend 
evolves,” he wrote, emphasizing conditions rather than certainty. At press 
time, BTC traded at $88,623. Featured image created with DALL.E, chart from 
TradingView.com

Bitcoin Long-Term Holder Dump Is Over: On-Chain Data Just Flipped

The pilot will evaluate a solution linking a domestic QR payment platform to 
USDC on the Coinbase-incubated Base platform. BC Card stated that a medium to 
long-term partnership would follow this demonstration to build a compliant 
Korean won settlement process for merchants. Coinbase Partners With BC Card To 
Run USDC Payment Pilot in Korea BC […]

Coinbase Partners With BC Card to Pilot a USDC-Based Payment Solution in Korea

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Ethereum price has slumped nearly 14% in December as net outflows from its 
spot exchange-traded funds topped nearly $545 million within the period. Will 
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pennant pattern?…

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Bitwise has filed a registration statement to launch nearly a dozen new crypto 
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