Since September, long-term holders, defined as those holding BTC for over 155 days, have sold over 1 million BTC, coinciding with a drop in Bitcoin’s price. This selling reached nearly 70,000 BTC in a single day in December.
While long-term holders have sold aggressively, short-term holders bought about 1.3 million BTC during this period. However, their buying has not been sufficient to counter the substantial sales from long-term holders.
Currently, only about 2.8 million BTC is on exchanges, reflecting a decline of around 200,000 BTC as assets are moved off trading platforms. This trend shows a shift in investor behavior amid changing market conditions.