The latest on-chain data shows that long-term Bitcoin holders are finally showing a key shift. Wallets holding Bitcoin for at least 155 days, after experiencing nearly 6 months of continuous de-risking, are showing signs of halting their sell-off for the first time. This change is seen by the market as an important signal of Bitcoin price stabilization and also provides emotional support for subsequent trends.
Data indicates that the Bitcoin holdings of these long-term holders decreased from approximately 14.8 million in mid-July to about 14.3 million in December. However, cryptocurrency investor Ted Pillows pointed out that since July 2025, long-term holders have not exhibited significant selling behavior for the first time, indicating that selling pressure is easing significantly. Historically, the behavior of long-term holders is often regarded as a key indicator of medium- to long-term trends in Bitcoin.
Meanwhile, Ethereum whales are significantly increasing their holdings. According to CryptoQuant data, since December 26, large addresses holding over 1000 ETH have accumulated approximately 120,000 ETH. Currently, these addresses control about 70% of the circulating ETH supply, a proportion that has been steadily rising since the end of 2024. Analysts believe this trend may reflect confidence among institutions and high-net-worth investors in Ethereum’s medium- to long-term prospects.
Changes in the market capital structure are also noteworthy. Garrett Jin, former CEO of BitForex, stated that as previously strong-performing assets like silver, palladium, and platinum have reached a phase of peak, some funds are flowing back into cryptocurrencies such as Bitcoin and Ethereum. This rotation of assets could bring new incremental capital to the crypto market.
In the short term, market sentiment remains cautious. Over the past 7 days, Bitcoin’s price has fluctuated between $86,744 and $90,064. Santiment pointed out that the price rebound around Christmas was accompanied by a noticeable increase in FUD sentiment, and after the price retreated, traders shifted back to a defensive stance.
Additionally, selling pressure in the US market has not fully subsided. The Bitcoin premium index of leading US CEXs remains negative, indicating a decline in risk appetite among US investors. Overall, the halt in long-term Bitcoin holder selling and the continuous accumulation by Ethereum whales are signaling a structural stabilization in the crypto market, but short-term volatility risks still exist.
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