Bitcoin
Bitcoin’s recent momentum appears to be facing resistance, with new blockchain metrics suggesting demand is cooling just as seasoned investors begin to book profits.
- On-chain data shows that long-term holders are selling due to weak demand.
- The inflow of funds from ETFs and strategy companies to institutional investors has stagnated.
- Analysts have warned that the balance is fragile and could limit near-term upside.
CryptoQuant’s latest analysis suggests that more coins are ready for sale while buyer appetite is waning, a combination that could destabilize the current balance of the market.
Veteran holders start taking money off the table
Long-term investors, considered a steady hand in the market, are starting to reduce their positions after holding for months. According to data from CryptoQuant, wallets that have been inactive for more than five months are now among the best-selling wallets. Research director Julio Moreno said this behavior is typical of late bullish periods, but noted that this cycle looks different.
“When markets are strong, profit-taking is offset by new demand. That offset has not materialized this time,” Moreno wrote in a post on X.
Demand weakens after strong summer
From July to September, Bitcoin Demand indicators rose steadily. However, by early October, these indicators had slipped into negative territory, indicating that new buyers had largely retreated. Short-term demand has been in the red for about a month, but the year-long long-term growth trend (still positive so far) is rapidly disappearing.
What is different this time regarding the sale of long-term Bitcoin holders (LTH)?
Selling by long-term Bitcoin holders is a normal occurrence in bull markets. When the price reaches a new high, LTH locks in profits.
What is important to analyze each time is whether the demand for Bitcoin is increasing. pic.twitter.com/wRhuPOwmVF
— Julio Moreno (@jjcmoreno) November 7, 2025
CryptoQuant figures suggest that around 790,000 BTC has been spent by long-term holders over the past month. Meanwhile, demand from new participants has stagnated near zero, leaving the market in what Moreno calls a “subtle stalemate.”
The flow of the system loses its momentum.
Two of the most powerful demand engines for institutional investors, the Spot Bitcoin ETF and Michael Saylor’s corporate business, Strategy, have both cooled down. While ETF inflows turned negative, the strategy’s net accumulations remained flat, removing a key source of support that had previously helped absorb large selloffs.
Characteristics of the changing market
The tone of this bull market is in sharp contrast to the previous phase. Early 2025 and late 2024 saw a flood of new capital selling off long-term holders, helping Bitcoin reach new record highs. Now, that feedback loop is broken as demand has fallen and liquidity growth has slowed.
The market has struggled to regain its former vigor since the Oct. 10 turmoil that shook confidence in exchanges. Analysts have warned that unless new inflows emerge, Bitcoin could face a prolonged decline before seeing another sustained rally.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any particular investment strategy or cryptocurrency. Always do your own research and consult a licensed financial advisor before making any investment decisions.
