Long-term holders' subtle shift has recently emerged in on-chain data.

According to on-chain analysis data, seasoned players holding Bitcoin for over 5 years have recently slowed down their selling pace. From UTXO-related indicators of on-chain transactions, the 90-day moving average has fallen from a previous high of 2300 BTC to around 1000 BTC.

What does this change mean? Simply put: the group that once could exert massive selling pressure is now selling less aggressively.

In the current market, institutional and government-level buyers are all scooping up assets, theoretically providing these veteran players with a perfect opportunity to cash out at high levels. But on-chain data shows they have changed their mind — shifting from a "sell on rallies" approach to a "hold steady" rhythm.

The logic behind this shift is actually quite straightforward. The cost basis for these seasoned holders is almost negligible; if they truly start to sell in large quantities, market pressure could be significant. Now they have switched to a holding pattern, which actually gives the market some breathing room — this subtle change in supply dynamics can have a notable impact on short-term trends. In plain terms, with this group’s selling pressure reduced, the market loses a potential risk point.