Bitcoin HODLer Selling Cooling Off As ETF Inflows Return: Glassnode
On-chain analytics agency Glassnode has revealed in a report that Bitcoin long-term holder have slowed down distribution after months of promoting.
Bitcoin Long-Term Holder Net Position Change Is Now Neutral
In its newest weekly report, Glassnode has talked about how the habits of the Bitcoin long-term holders has modified just lately. The “long-term holders” (LTHs) check with the BTC traders who’ve been holding onto their cash since greater than 155 days in the past.
Statistically, the longer a holder retains their cash dormant on the blockchain, the much less seemingly they change into to promote them at any level. As such, the LTHs with their comparatively lengthy holding time are thought of to be the diamond palms of the community.
This could make the habits of this cohort price keeping track of, as shifts in it might probably have penalties for the cryptocurrency as an entire, contemplating their standing.
There are some ways to maintain observe of LTH habits, with one technique being by way of the Net Position Change metric. This indicator measures, as its title implies, the month-to-month internet change within the Bitcoin provide held by the LTHs as an entire.
Below is the chart for the metric shared by Glassnode that reveals the pattern in its worth over the previous 12 months.
From the graph, it’s seen that the Bitcoin LTH Net Position Change was optimistic through the first half of 2025, however a shift occurred in July because the indicator flipped into the unfavorable. This implies provide began exiting the cohort.
Something to remember is that whereas promoting from the group can immediately register on the chart, the identical isn’t true for getting. When LTH provide rises, it doesn’t imply accumulation is going on within the current, however quite that some shopping for occurred 155 days in the past and people cash have now been held for lengthy sufficient to change into part of the group.
The LTH distribution continued by way of August and September, however with the beginning of October, the Net Position Change has returned again to a impartial worth, indicating cash being bought by the group at the moment are being balanced out by tokens maturing previous the 155-day cutoff. In different phrases, their internet profit-taking has calmed down.
As the report explains:
This cooling provide stress means that the current part of long-term holder profit-taking could also be easing, probably leaving ETFs and new inflows as extra decisive drivers of market course.
The spot exchange-traded funds (ETFs) have additionally seen a shift just lately, as one other chart cited by Glassnode reveals.
As displayed within the graph, the US Bitcoin spot ETFs switched to outflows in late September, however the netflow has as soon as once more turned inexperienced for these funding autos. The analytics agency notes:
Should this renewed demand align with decreased LTH promoting, ETFs may present a stabilizing drive, providing a extra constructive basis for worth resilience and supporting the situations wanted for a sustainable advance.
BTC Price
At the time of writing, Bitcoin is floating round $119,700, up virtually 8% during the last seven days.