On-chain data shows easing Bitcoin sell pressure while large Ethereum investors quietly build positions amid cautious markets
Selling pressure from long-term Bitcoin holders appears to be easing for the first time in months, while Ethereum whales are actively increasing their holdings. Although broader crypto markets remain bearish, recent on-chain signals suggest a potential shift in behavior among large and long-term investors.
Bitcoin Long-Term Holders Pause Selloff
Wallets holding Bitcoin for more than 155 days commonly referred to as long-term holders reduced their combined balances from approximately 14.8 million BTC in mid-July to 14.3 million BTC by December. However, recent data indicates that this drawdown has now stalled.
This marks the first pause in long-term holder selling since July 2025, signaling that experienced investors may be waiting for higher prices rather than exiting further. Historically, reduced selling from long-term holders has often preceded relief rallies, as circulating supply pressure diminishes.
Large holders are widely viewed as market influencers, and their behavior can significantly affect liquidity, sentiment, and price direction.
Ethereum Whales Accelerate Accumulation
While Bitcoin selling cools, Ethereum whales are moving in the opposite direction. Addresses holding 1,000 ETH or more have accumulated roughly 120,000 ETH since December 26, according to on-chain analytics.
These large wallets now control close to 70% of Ethereum’s total supply, a concentration that has been steadily rising since late 2024. Continued accumulation at this scale suggests that institutional and high-net-worth investors may be positioning for future upside that is not yet reflected in market prices.
Despite these accumulation trends, overall sentiment remains guarded. Bitcoin has traded within a tight range between $86,700 and $90,000 over the past week, reflecting uncertainty following heightened fear, uncertainty, and doubt (FUD) around the holiday period.
Some downside pressure may stem from US-based investors, as indicated by a persistently negative Coinbase Bitcoin Premium Index. A negative reading typically points to higher selling activity, reduced risk appetite, and defensive positioning among US traders.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.