Bitcoin's Long-Term Coin Holders Making Strategic Exits Amid Market Flux

bridge_anxiety · 2026-02-09T12:10:55+00:00

On-chain analytics indicate a stark contrast between actual Bitcoin holder activities and reported supply changes. Long-term holders sold over 370,000 BTC recently, yet net supply changes suggest only a 144,000 BTC decrease, highlighting the importance of analyzing gross flows for a clearer understanding of market dynamics.

bridge_anxiety

2026-02-09 12:10:55

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On-chain analytics from Glassnode reveal a significant divergence between actual holder activity and reported net supply changes. While Bitcoin’s net supply from long-term coin holders appeared to decrease by only 144,000 BTC over the past month, the underlying reality tells a more dramatic story. In fact, these holders have liquidated over 370,000 BTC during the same period, according to data cited by Foresight News. This substantial gap raises important questions about how we interpret blockchain metrics.

The Real Scale of Long-Term Holder Distribution

The discrepancy stems from how net position changes are calculated. Long-term coin holders’ net outflow figure (144,000 BTC) doesn’t capture the full picture of their selling activity. Instead, it represents the mathematical result of subtracting total BTC sold by long-term coin holders from the BTC transitioning from short-term to long-term holdings.

Over the last 30 days, approximately 226,000 BTC matured from short-term to long-term status. This inflow partially offset the holders’ aggressive selling, resulting in that misleadingly modest net change of 144,000 BTC. Daily liquidation by long-term coin holders has averaged around 12,000 BTC, suggesting sustained distribution pressure.

Why Net Metrics Can Mask Holder Behavior

Glassnode emphasizes that when coin age maturity rates are elevated, net indicators significantly underestimate the true scale of distribution activity. This creates a blind spot for traders relying solely on net supply figures. The organization’s warning highlights a critical methodological limitation: aggregate net changes smooth out the underlying volatility and intensity of holder transactions.

For traders and analysts monitoring long-term coin holders’ behavior, drilling deeper into gross flows rather than net figures provides crucial context. The 370,000 BTC disposal rate underscores the conviction with which strategic holders are reducing exposure, despite the narrative suggested by gentler net supply statistics.

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