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On-chain analytics firm GlassNode revealed in a report that long-term Bitcoin holders have slowed down their distribution after months of sales.
Bitcoin long-term holding net position changes are now neutral
GlassNode talks about what has changed recently in its latest weekly report for Bitcoin long-term holders. “Long-term Holder” (LTHS) refers to BTC investors who have been sticking to coins for more than 155 days.
Statistically, the longer holders put coins on the blockchain, the fewer and fewer they will get at any time. Therefore, LTH and its relatively long holding time are considered as the diamond hands of the network.
This can make the behavior of such queues worthy of attention, as its transformation may have consequences for the entire cryptocurrency, given their status.
There are many ways to track LTH behavior, one of which is through the net position change metric. As the name implies, this metric measures net change in the Bitcoin supply held by LTHS as a whole.
Below is a graph of the metrics shared by GlassNode, which shows the trend of its value over the past year.
Looks like the value of the metric has been negative in recent months | Source: Glassnode's The Week Onchain - Week 39, 2025
As can be seen from the chart, the net position change of Bitcoin LTH was positive in the first half of 2025, but it changed in July as the indicator became negative. This means that the supply starts to exit the queue.
It is important to remember that although selling from a group can be registered immediately on the chart, the purchase is not the case. When LTH supply increases, this does not mean that accumulation is happening at the moment, but that some purchases occurred 155 days ago, and the coins have now been held long enough to be part of the group.
The third issue lasted until August and September, but with early October, the net position change returned to neutral value, indicating that the coins sold by the group are now balanced by tokens, exceeding the 155-day deadline. In other words, their net profit has fallen.
As the report explains:
This cooling supply pressure suggests that the recent phase of long-term holders’ profitability may be relaxing, potentially leaving ETFs and new inflows, a more decisive driver of the market direction.
As shown in another chart cited by GlassNode, spot exchange trade funds (ETFs) have also changed recently.
How the netflow related to the US BTC spot ETFs has changed over the last twelve months | Source: Glassnode's The Week Onchain - Week 39, 2025
As shown in the figure, the US Bitcoin live ETF switched to outflow in late September, but Netflow once again became the green of these investment tools. The analysis company pointed out:
If this new demand is consistent with reduced LTH sales, ETFs can provide a stable power, provide a more constructive foundation for price elasticity, and support the conditions required for sustainable development.
BTC price
At the time of writing, Bitcoin has floated about $119,700, up nearly 8% over the past seven days.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Dall-E, Featured Images of GlassNode.com, Charts of TradingView.com
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