Bitcoin HODLer Selloff Ending? LTH Outflows Decline

On-chain data shows the Bitcoin long-term holder outflows have been declining recently, a potential sign that selling pressure may be fading.

In a new post on X, on-chain analytics firm Glassnode has talked about the latest trend in the netflow associated with the Bitcoin long-term holders (LTHs). The LTHs refer to BTC investors who have been holding onto their coins for a period longer than 155 days.

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 time are considered to include the resolute hands of the market.

Though, while these HODLers tend to be patient, they have shown several phases of distribution during the last couple of years. Below is the chart shared by Glassnode that shows the trend in the monthly netflow of the Bitcoin LTHs.

As is visible in the graph, the Bitcoin LTHs observed streaks of net outflows during both the bull rallies of 2024, suggesting that the diamond hands of the market participated in profit-taking.

A short phase of distribution also appeared in mid-2025, indicating that the LTHs were doing yet another wave of profit realization. This selling was followed by a brief period of net inflows for the cohort, which was then followed by another wave of distribution in late 2025.

This last phase of distribution is still ongoing, as the monthly netflow associated with the LTHs remains negative. The latest selloff has been a bit different from the last three, however, as it has occurred alongside bearish momentum in the cryptocurrency, not a price jump.

While the distribution has continued, its intensity has been dropping lately as the netflow of the Bitcoin LTHs has been becoming less negative. As the analytics firm explains:

Net outflows have rolled over from extreme levels, indicating that the market is progressively absorbing long-held supply and that a large portion of overhead supply may now be largely worked through.

The decline in net outflows has come alongside a drop in the Realized Profit of the group, as Glassnode has pointed out in another X post.

The Realized Profit here is an indicator that measures the total amount of profit that LTHs are realizing through their transactions. From the chart, it’s apparent that the profit-taking from the cohort was elevated earlier, but recently, the Realized Profit has dropped to a low level.

The analytics firm noted:

Such conditions are often associated with heightened uncertainty and tend to emerge during mid-bull market pauses or the early stages of deeper bear markets.

At the time of writing, Bitcoin is floating around $91,800, down almost 3% in the last seven days.