According to Glassnode data, about $7 billion of bitcoin has been moved from long-term holders' wallets since mid-October, causing a drop in the illiquid supply of bitcoin, which could make it harder for the bitcoin price rally to gain momentum.
Glassnode notes that since mid-October, around 62,000 BTC have flowed out of long-inactive wallets, marking the first significant decline seen in the second half of 2025. Bitcoin prices have retreated in recent weeks from their all-time high of over $125,000, set in early October, and are now trading around $113,550 (data from The Block).
"Interestingly, at this stage, Whale Wallets are actually still overweight," Glassnode wrote on X. "Whale Wallets have increased their holdings over the past 30 days and have not sold significantly since October 15."
Glassnode also noted that wallets holding between $10,000 and $1 million worth of BTC saw the largest outflows, selling continuously since November. "Trend buyers have largely left the market and dip-hunters have not had enough demand to absorb the selling pressure," Glassnode said. "First-time buyers are sitting on the sidelines and this supply-demand imbalance is depressing prices until stronger spot demand returns."
Glassnode: Bitcoin Non-Liquid Supply Declines, 62,000 BTC Outflows From Long-Term Holder Wallets
2025-10-26 20:46:35
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