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Long-term bitcoin holders—wallets holding BTC for at least 155 days—have stopped net selling for the first time since July, on-chain data shows.
The pause follows a six-month period in which these holders shed roughly 500,000 BTC and could signal that seasoned investors view current price levels as attractive ahead of a potential rally.
However, the pace of distribution has notably abated in recent weeks, marking the first meaningful pause since mid-2025.
“Long-term holders have stopped selling Bitcoin for the first time since July 2025,” said Ted Pillows, crypto investor and entrepreneur, in a post on social platform X. “Things are looking good for a relief rally here.”
A sustained pause in selling particularly after extended distribution can suggest that holders perceive current price levels as relatively attractive, or at least not worth exiting ahead of future potential gains.
While Bitcoin’s long-term holders exhibit more restraint, Ethereum’s largest holders—so-called whales—are actively accumulating ETH, further underscoring a divergence in on-chain behaviour across the two largest cryptocurrencies.
Analysts tracking blockchain data report that wallets holding 1,000 ETH or more have added roughly 120,000 ETH since December 26, 2025. This concentration now represents about 70% of ETH’s circulating supply—a share that has been expanding since late 2024.
According to an analyst at crypto newsletter Milk Road, the addresses holding 1,000+ ETH now control roughly 70% of supply, and if this behaviour continues, the market may not fully be pricing in where the smart money expects Ethereum to go next.
This surge in accumulation by ETH whales suggests strong conviction among large holders, even as broader market sentiment remains cautious. Such behaviour can tighten available supply and exert upward pressure on prices if demand from smaller participants follows.
Despite these on-chain developments, trading sentiment remains unsettled, reflecting the larger tug-of-war between bullish structural indicators and short-term trader caution.
Over the past week, Bitcoin traded in a tight range between approximately $86,700 and $90,000, while sentiment measures such as fear, uncertainty and doubt (FUD), particularly around holiday periods, have shown elevated levels.
Analysts at market intelligence firm Santiment noted that price spikes sometimes coincided with rising FUD, a pattern not unusual in crypto markets.
Moreover, some selling pressure appears concentrated among U.S. traders, as indicated by negative readings on Coinbase’s Bitcoin Premium Index — a metric that compares local trading prices with global averages and often reflects domestic risk aversion.
“The rise came while FUD was becoming very high, as usual. Now that prices have dropped back, traders are being cautious again,” commented Santiment analysts in an X post.
These shifts among major holders are meaningful but not definitive signals for price direction:
Reduced selling from Bitcoin long-term holders could limit downward pressure and set the stage for stabilisation or rebound if demand picks up.
Aggressive ETH accumulation by whales highlights confidence among large Ethereum stakeholders, which may translate into supply constraints that bolster price support.
Persistent trader caution and market volatility, however, suggest that short-term swings remain likely, especially amid macroeconomic uncertainties and liquidity flows.
Market participants should weigh these holder behaviours with other indicators—such as ETF flows, institutional activity, and broader macro trends- when forming investment views.
As always, past on-chain dynamics do not guarantee future performance, and diversified risk management remains crucial in crypto portfolios.
