Bitcoin Holders Accelerate Settlements: Over 370,000 BTC Unloaded in 30 Days

The latest data from the Glassnode platform shows a significant movement in the behavior of long-term Bitcoin holders (LTH). Over the past 30 days, these holders have liquidated more than 370,000 BTC, according to Foresight News. However, the change in net position only reflects 144,000 BTC, revealing a substantial gap between actual selling activity and the numbers observed in accumulated balances.

The Discrepancy Between Actual Movements and Net Balances

To understand why long-term holders are depleting 370,000 BTC but the net balance only decreases by 144,000 BTC, it is necessary to analyze what is happening in parallel. Glassnode explains that the calculation of the change in net position does not reflect the total volume sold, but rather the resulting balance after accounting for all transitions.

The average daily expenditure of LTH has exceeded 12,000 BTC, a pace that indicates active distribution of holdings. This level of activity is particularly notable and suggests that long-term holders are not simply repositioning, but are significantly reducing their accumulated exposures.

When Coins Reach Maturity

The key to resolving this apparent contradiction lies in Bitcoin’s maturation flow. Approximately 226,000 BTC have recently transitioned from short-term holdings to long-term holdings. This upward movement in age is crucial: it partially offsets the deaccumulation by consolidated holders, resulting in that net reduction of 144,000 BTC.

When the age of coins reaches high levels of maturity, the net indicator tends to underestimate the actual magnitude of distribution executed by long-term holders. This means that selling activity is significantly greater than what the net balance numbers alone suggest.

Implications for the Market

This dynamic between active liquidations of old holders and the influx of new capital from short-term positions paints a complex picture of investor behavior. The data reveal that long-term holders are deciding to realize gains or reduce exposures at an accelerated rate, something that warrants monitoring in future market cycles.