TL;DR
- Long-term Bitcoin holders paused selling after six months, halting the outflow of roughly 500,000 BTC and easing structural supply pressure.
- Wallets holding more than 1,000 ETH accumulated around 120,000 ETH over the past week and now control close to 70% of total supply.
- Bitcoin is hovering near $87,750 with limited momentum, while Ethereum trades around $2,975 and shows stronger short-term performance.
The crypto market is showing a clear divergence between Bitcoin and Ethereum. Onchain data indicates that long-term BTC holders stopped selling after nearly six months of steady distribution, while large ETH investors are gradually increasing their exposure.
In Bitcoin’s case, wallets that have held BTC for more than 155 days have stopped reducing their balances. Since mid-summer, these investors had sold close to 500,000 BTC. That trend has now paused for the first time since July. While this does not signal an immediate bullish reversal, it does mark the end of a major source of structural selling pressure.
Diverging Behavior Between Bitcoin and Ethereum Investors
Historically, when long-term holders pause selling, the market tends to enter consolidation phases or experience technical rebounds. Volatility can persist, but the balance between supply and demand shifts. This is particularly relevant because it follows months of orderly distribution rather than a one-off event.
Ethereum is showing the opposite pattern. Wallets holding at least 1,000 ETH added roughly 120,000 ETH over the past week. The accumulation is gradual and consistent, pointing to long-term positioning rather than short-term tactical trades. These addresses now control close to 70% of Ethereum’s total supply, a share that has been rising since late 2024.
Prices are reflecting this realignment. Bitcoin is trading around $87,750, posting modest gains on the day but remaining slightly negative on a weekly basis. BTC is holding above key support levels, though it lacks the strength to break decisively higher. Ethereum is trading near $2,975 and is outperforming on shorter timeframes, even as it remains range-bound within the broader market.
A Market in Transition and Reorganization
Trading volumes remain elevated for both assets, indicating active participation despite the prevailing caution. Sentiment, however, remains fragile. The Coinbase Premium Index continues to sit in negative territory, signaling net selling from the U.S. spot market and reduced risk appetite.
The market is clearly in a transition phase. Bitcoin is seeing a reduction in long-term selling pressure. Ethereum is quietly accumulating. Short-term traders remain defensive, and capital flows from the United States continue to cap broader market strength
