On-chain data shows that outflows from long-term Bitcoin holders have slowed recently, a possible sign that selling pressure may be easing.
Bitcoin long-term holder Netflow becomes less negative
In a new after at The LTHs refer to BTC investors who hold their coins for more than 155 days.
Statistically, the longer an investor holds onto their coins, the less likely they are to sell them at any time. As such, LTHs are considered the steady hands of the market with their long holding times.
Although these HODLers are generally patient, they have shown different phases of distribution in recent years. Below is the chart shared by Glassnode showing the trend in monthly net flows of Bitcoin LTHs.
As visible in the chart, Bitcoin LTHs have seen streaks of net outflows during both 2024 bull rallies, indicating that the market’s diamond hands were participating in profit-taking.
A brief distribution phase also occurred in mid-2025, indicating that LTHs were experiencing another wave of profit realization. This sale was followed by a brief period of net inflows for the cohort, which was then followed by a new wave of distribution in late 2025.
This final phase of distribution is still ongoing as the monthly net flow associated with the LTHs remains negative. However, the latest sell-off was a bit different than the last three as it occurred alongside bearish momentum in the cryptocurrency, and not with a price increase.
Although the distribution continues, its intensity has decreased recently as the net flow of Bitcoin LTHs has become less negative. As the analytics company explains:
Net outflows have returned from extreme levels, indicating that the market is gradually absorbing long-held supply and that much of the overhead supply can now be largely absorbed.
The decline in net outflows is accompanied by a decline in the group’s realized profits, as Glassnode noted in another after.
Realized profit here is an indicator that measures the total amount of profit that LTHs realize through their trades. The graph shows that the cohort’s profit taking had previously increased, but recently Realized Profit has fallen to a low level.
The analytics company noted:
Such conditions are often accompanied by increased uncertainty and often occur during lulls in the bull market or in the early stages of deeper bear markets.
BTC price
At the time of writing, Bitcoin is hovering around $91,800, down almost 3% in the past seven days.