比特币长期持有者减仓趋势降温：持续数月的抛售是否终于告一段落？?

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On-chain data shows Bitcoin long-term holders (LTHs) have seen their netflow rise recently, a sign that selling pressure from diamond hands is easing.

Bitcoin LTH Net Position Change Is Becoming Less Negative

In a new post on X, Glassnode analyst Chris Beamish has talked about the latest trend in the behavior of Bitcoin LTHs. This cohort represents one of the two main divisions of the BTC market done on the basis of holding time and includes the investors who purchased their tokens more than 155 days ago.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell them at any point. As such, the LTHs with their long holding times are considered to reflect the resolute side of the sector.

Though, despite the resilience of this group, its members still participate in selling during some parts of the cycle. One such phase is currently ongoing, as the chart shared by Beamish shows.

As displayed in the above graph, the Bitcoin LTH Net Position Change, an indicator tracking the monthly net amount of BTC entering into or exiting out of the group’s combined balance, turned negative as the cryptocurrency’s price saw a bearish shift in the last quarter of 2025. Since then, the indicator has mostly stayed contained inside the zone, implying continued distribution from the diamond hands.

From the chart, it’s apparent that the selloff only deepened as BTC crashed to its low around $60,000 last month, implying that the volatility scared even some of the more resolute hands into parting with their tokens.

Since the negative peak in the indicator coinciding with the price lows, however, the Bitcoin LTH Net Position Change has been climbing back up. Today, its value is still red, suggesting continued selling pressure on the monthly timeframe, although the degree of it is notably lower. “After months of sustained net selling, LTH net position change is now easing, suggesting that selling pressure from seasoned holders is moderating as BTC stabilizes,” noted the analyst.

It now remains to be seen whether the Bitcoin LTH Net Position Change will continue to improve in the near future or if the diamond hands aren’t done selling yet.

In some other news, each attempt from the cryptocurrency at the $70,000 level has been met with profit-taking recently, as on-chain analytics firm Glassnode has highlighted in an X post.

As is visible in the graph, the 12-hour moving average (MA) of the Bitcoin Net Realized Profit/Loss spiked above $5 million per hour as BTC rallied on Monday. The metric crossing this threshold also capped out previous recovery attempts from the asset during the past month. “The asymmetry reflects the fragility of the current demand structure,” said Glassnode.

BTC Price

Bitcoin has seen a minor retrace to $68,500 since the Monday high.
source: https://www.tradingview.com/news/newsbtc:880319df9094b:0-bitcoin-lth-selling-cools-is-months-long-distribution-finally-ending/