Long-term Bitcoin holders sold approximately $271 million in BTC last week, marking the largest such movement since January. However, current on-chain data indicates strong supply absorption by other investors, with long-term holder balances continuing to grow. This suggests the market may possess greater resilience than during a similar January sell-off, potentially supporting Bitcoin’s price stability around the $70,000-$72,000 range.
Bitcoin investors who held their positions for over seven years sold approximately $271 million last week. Capriole Investments data shows this was the largest surge for this cohort since a similar $280 million outflow on January 10, which preceded a 13% price correction.
While such whale movement may raise concerns, the activity historically aligns with measured profit-taking. According to Glassnode, the 30-day net position change for long-term holders remained positive at 88,000 BTC on April 9, reversing deeply negative flows from February.
Accumulating cohorts continued expanding their holdings, with the total balance rising to 4.5 million BTC. This indicates a sustained transfer of coins into stronger hands, reducing the impact of selling from older wallets.
CryptoQuant analyst MorenoDV highlighted key indicators shaping the current BTC positioning. The short-term Sharpe Ratio has dropped to -40, a level historically associated with major accumulation phases.
The buy-and-sell pressure delta indicates a completed capitulation phase, with forced selling easing as demand gradually rebuilds. Past cycles show the highest asymmetry emerges once the delta re-enters clear buy-pressure zones.
The analyst noted that macro conditions and liquidity flows continue to shape the pace of this transition. MorenoDV stated, “For investors with a cycle-aware framework, the data suggests we are closer to the beginning of an opportunity than the end of one.”
