Bitcoin's Long-Term Holders: Is the Selling Spree Over?
Are the diamond hands of Bitcoin's long-term holders (LTHs) finally loosening their grip? On-chain data reveals a fascinating shift in the behavior of these resilient investors, who have been a pillar of strength in the cryptocurrency market.
According to Chris Beamish, a Glassnode analyst, the Bitcoin LTH net position change has been on a downward spiral, indicating a decrease in the overall BTC holdings of this group. This cohort, comprising investors who acquired their tokens over 155 days ago, is known for its steadfastness, as long-term holders are statistically less likely to sell their coins.
But here's where it gets interesting: the recent bearish trend in Bitcoin's price has coincided with a surge in selling from these LTHs. The chart shared by Beamish illustrates that as Bitcoin's price took a hit in the last quarter of 2025, the LTH net position change turned negative, suggesting a distribution phase. This trend persisted as the cryptocurrency's price volatility intensified, reaching a low of $60,000 last month.
However, there's a silver lining. The analyst notes that the net position change is now recovering, indicating that the selling pressure from these seasoned holders is easing. This could be a sign that the long-term holders are regaining confidence as Bitcoin's price stabilizes.
But is this the end of the distribution phase? The jury is still out on that. While the data suggests a potential shift in sentiment, it's too early to tell if the diamond hands are ready to buy back in.
In other news, Bitcoin's recent attempts to breach the $70,000 mark have been met with profit-taking, as highlighted by Glassnode's on-chain analytics. The 12-hour moving average of Bitcoin's Net Realized Profit/Loss spiked, indicating a surge in profit-taking activity. This could be a sign of short-term traders capitalizing on the recent price volatility.
As Bitcoin's price action remains volatile, one question lingers: will the long-term holders step in to support the market, or is there more selling to come? The answer may lie in the hands of these diamond-handed investors, whose next move could shape the cryptocurrency's trajectory.
