Long-term Bitcoin holders are selling, but nobody is buying

New on-chain data from CryptoQuant shows that there’s an increase in the supply of Bitcoin for sale on the market; however, demand from buyers is shrinking, a potentially bearish sign for the world’s largest ￰0￱ Moreno, head of research at CryptoQuant, said in a post on X that long-term holders (LTHs), investors who hold Bitcoin for more than 155 days, have ramped up their selling in recent weeks, a common pattern during bull markets. “LTH take profits as prices reach new highs,” he ￰1￱ what stands out this time, according to Moreno, is the absence of strong demand to offset that selling. “What’s important to analyze each time is if there’s growing Bitcoin demand that can absorb the LTH selling at higher prices,” he ￰2￱ data shows that demand, which had been growing between July and September, turned negative in early October.

“Since October, LTH selling has increased (nothing new here), but demand is contracting (red areas), unable to absorb LTH supply at higher prices,” Moreno said. Long-term Bitcoin holders into a low-demand market.