On-Chain Analyst Identifies Bitcoin’s Most Active Sellers

In November and December, market participants who purchased coins amid the approval and launch of spot ETFs in the US were the most active in offloading digital gold. These observations were shared by CryptoQuant contributor Yonsei_dent.

“The chart shows that the most active sellers of bitcoin were holders with a holding period of six to 12 months, marked by the orange band,” the expert noted.

This category of investors likely “put pressure on the bitcoin price.”

“However, high aggregate demand kept the quotes in the range of $90,000 to $100,000,” Yonsei_dent emphasized.

According to his observations, holders who kept coins for more than a year “sold relatively little” during the specified period.

“Moreover, the Binary CDD metric at the bottom of the chart illustrates a decrease in sales of older bitcoins in December compared to November. This suggests that many long-term holders may be expecting even higher prices,” the expert concluded.

The Spent Output Age Bands (SOAB) indicator provides insight into the sales of the first cryptocurrency by investors, offering a breakdown by holding periods.

At the time of writing, digital gold is trading around $96,000. Over the past 24 hours, the asset’s price has decreased by 2.5%, according to CoinGecko.

Earlier, CryptoQuant author Avocado_onchain pointed to signs of a continued bitcoin rally; one of them being momentum from the spot market.