On-chain data shows that the outflow of long-term Bitcoin holders has been slowing recently, a potential sign that selling pressure may be waning.

The netflow of a long-term Bitcoin holder is becoming less and less negative

In the novel one post on X, on-chain analytics company Glassnode talked about the latest trend in network flow related to long-term holders of Bitcoin (LTH). LTH refers to BTC investors who hold their coins for a period longer than 155 days.

Statistically, the longer an investor holds their coins, the less likely they are to sell them at any time. As such, LTH with long holding times is believed to be taking firm hold of the market.

While these HODLers tend to be patient, they have shown several phases of distribution over the past few years. Below is a chart provided by Glassnode that shows the trend of monthly net LTH bitcoin flow.

As seen in the chart, Bitcoin LTH saw streaks of net outflows during both 2024 rallies, suggesting that the diamond hands of the market participated in profit-taking.

A miniature distribution phase also appeared in mid-2025, which means that LTHs are experiencing another wave of profit-taking. This sale was followed by a miniature period of net inflows for this cohort, followed by another wave of distributions in slow 2025.

This final phase of distribution is still ongoing as the monthly net flow associated with LTH remains negative. The latest sell-off, however, was slightly different from the previous three, as it occurred alongside the cryptocurrency’s bearish momentum rather than a price spike.

While distribution continues, its intensity has been decreasing recently as the net flow of LTH bitcoin becomes 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 overall supply costs can now be largely utilized.

The decline in net outflows was accompanied by a decline in group realized profit, as Glassnode noted in another X post.

Realized Profit here is an indicator that measures the total amount of profit LTH earns through its trades. It is clear from the chart that profit taking in this cohort was previously elevated, but recent profit taking has fallen to a low level.

The analytics firm noted:

Such conditions often involve increased uncertainty and typically occur during pauses in a bull market or in the early stages of a deeper bear market.

BTC price

At the time of writing, Bitcoin is trading at around $91,800, down almost 3% over the past seven days.