ChainCatcher reported that analyst Darkfost wrote on X that, based on the on-chain behavior of Bitcoin long-term holders, exchange inflows from wallets that have held BTC for more than six months still show a pattern of “periodic high-intensity selling.” In some phases, these inflows are significantly above the annual average and can reach more than five times the average level.
Exchange Inflows Still Point to Periodic Selling Pressure
According to Darkfost, in the short term, Bitcoin long-term holders are still transferring BTC to exchanges, which means periodic selling pressure remains present. In most cases, transfers from long-term holders to exchanges correspond to actual selling activity, making the metric a useful reference for tracking the selling rhythm of holders with longer holding periods.
Annual Average Inflows Remain Near Historical Lows
Over a longer time frame, the annual average inflow from LTH wallets to exchanges has continued to decline. Darkfost said this indicates that the group as a whole is more inclined toward long-term holding, while the structure of market sell pressure is gradually becoming smoother. The data shows that the metric has recently edged higher, rising from about 630 BTC per day in early May to more than 800 BTC per day.
Even with the recent rebound in daily average inflows, the indicator remains within the lowest historical range since 2015. The analysis stated that this change may be related to the rising share of ETF capital and institutional investors, which has altered the structure of long-term holders. Overall, the systemic selling pressure from LTHs on the medium- to long-term market is weakening.