Bitcoin Long-Term Holders Show Signs Of Selling — Is A Reversal Imminent?

Opeyemi Sule

Last Updated: November 2, 2025 9:00 pm

2 mins read

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Recent on-chain data shows that a relevant class of Bitcoin investors known as long-term holders has continued to move out of their market positions.

LTHs Actively Switching To Distribution

In a November 1st post on social media platform X, popular on-chain analyst Burak Kesmeci shared an insight into the prevalent structural bias among Bitcoin’s long-term holders. Kesmeci’s analysis hinges on the Long-Term Holder Net Position Change metric, which tracks the net buying or selling behavior of Bitcoin’s long-term investors over a period of 30 days.

A positive reading is usually interpreted as a sign that the LTHs are in a net accumulation phase, as there are more market participants within this investor class buying Bitcoin than those who are selling. On the flipside, when the Long-Term Holder Net Position Change metric is negative, it means that the LTHs are in a distribution phase.

Kesmeci explained in his post that there has been an increasing amount of momentum towards the sell side of the metric. In the highlighted chart, around 400,000 BTC appears to have been sold off in the past 30 days. Interestingly, the LTHs don’t seem to be easing off on their sales — a behavior which stands equally as a source of concern.

In a case where Bitcoin’s long-term investors do desist from selling their holdings, Bitcoin could put in a local price bottom, as this typically indicates renewed interest and ‘smart money’ positioning for the next cycle. However, if this distribution momentum continues to grow, the premier cryptocurrency could continue towards the downside, as its long-term holders continue to inject more bearish pressure.

LTH 2.2% Supply Drop Relatively Modest — Analyst

In another X post, crypto pundit Darkfost shed light on the implications of Bitcoin’s LTH behavior shift. According to the analyst, the 2.2% “modest reduction” of Bitcoin LTH supply in October is not much to worry about, especially when compared to the levels seen in 2024.

As of March 2024, Bitcoin’s LTH supply dropped by approximately 5.05%. In December, there was an even higher decline of about 5.2%. Darkfost implied that the present distribution the market is seeing could therefore be a result of early profit taking, where the market could soon see a rebound of the Bitcoin price.

Nonetheless, the long-term holder net position’s trend is one that should be monitored, as a move back towards neutral readings could signal the start of an accumulation phase and subsequent price reversal to the upside.

As of this writing, BTC is valued at approximately $110,750, with no significant movement in the past 24 hours.

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

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Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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