Net metrics mask massive long-term holder selling, raising concerns for the market.
Bitcoin (BTC) investors who hold their coins for the long term have been selling at a much larger scale than some metrics suggest, according to recent data from blockchain analytics firm Glassnode.
Over the past 30 days, long-term holders (LTHs) spent more than 370,000 BTC or roughly 12,000 BTC per day.
Yet, a commonly cited measure called Net Position Change only shows a decline of about 144,000 BTC in LTH holdings over the same period.
The difference comes from how these metrics are calculated. Net Position Change measures the overall balance of long-term coins, factoring in new coins that “graduate” from short-term holdings (coins held less than about a year) into long-term status.
In the last month, around 226,000 BTC moved into long-term status. This inflow partially offsets the coins being sold, making net metrics appear smaller than the actual volume spent.
Glassnode emphasizes that tracking gross spent volume (the total amount sold) provides a more accurate picture of selling pressure from long-term investors.
Why This Matters
Large-scale selling by long-term holders can create real market pressure, influencing Bitcoin’s price and investor sentiment.
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