Glassnode says more than 65% of exchange inflows come from long-term holders selling at a loss

On-chain analytics firm Glassnode said more than 65% of tokens moving onto exchanges are currently coming from long-term holders realizing losses, based on its “relative long-term/short-term holder exchange realized profit and loss” metric. The indicator tracks the share of profitable versus loss-making coins sent to exchanges and identifies which holder cohort is driving that flow. According to Glassnode, the current reading matches conditions seen in earlier bear market phases, when long-term holders dominated sell-side activity until that source of pressure was eventually exhausted. The firm said the metric can be used to gauge how strongly long-term holders are anchoring sell pressure in the market. Glassnode added that, until this share begins to contract, structural sell pressure from buyers who entered near the cycle top is likely to remain the main force behind exchange-related capital flows. The statement points to continued selling from underwater longer-term market participants rather than a shift in dominance toward short-term holders.