Analyst Darkfost Says Bitcoin Long-Term Holders Still Show Periodic High-Intensity Exchange Inflows

Bitcoin long-term holders are still moving BTC to exchanges in a pattern consistent with periodic, high-intensity selling, analyst Darkfost said in a post on X.

According to ChainCatcher, on-chain behavior from holders who have kept BTC for more than six months shows exchange deposit spikes that can exceed the annual average by more than five times.

In the near term, Darkfost said long-term holders continue transferring BTC to exchanges, suggesting episodic selling pressure remains and often corresponds to actual sales.

However, the analyst noted that the long-term trend shows a continued decline in the annual average amount of BTC long-term holders send to exchanges, indicating this group is increasingly inclined to hold and that sell-side pressure is becoming more evenly distributed.

Data cited in the post showed the indicator has risen slightly recently, increasing from about 630 BTC per day in early May to more than 800 BTC per day, but it remains within the lowest range since 2015.

Darkfost said the shift may be linked to a higher share of ETF flows and institutional investors, which could be changing the composition of long-term holders, while the group’s systemic sell-pressure impact on the medium-to-long-term market appears to be weakening.