Selling pressure from long-term Bitcoin holders has eased for the first time in several months, according to on-chain data, while large Ethereum holders have moved in the opposite direction.
Wallets holding Bitcoin for at least 155 days reduced their combined balances from roughly 14.8 million BTC in mid-July to about 14.3 million by December.
Since then, outflows from those addresses have slowed markedly.
Crypto investor Ted Pillows said this week that long-term holders have effectively paused selling, marking the first sustained break in distribution since July and opening the door to a potential relief rally.
Long-term holders have stopped selling $BTC for the first time since July 2025.
— Ted (@TedPillows) December 29, 2025
Things are looking good for a relief rally here. pic.twitter.com/t7Sl2hS9Ub
Ether whales move in the opposite direction
While Bitcoin distribution has cooled, Ethereum whale activity has tilted toward accumulation. CryptoQuant data cited by the Milk Road newsletter shows addresses holding at least 1,000 ETH added approximately 120,000 Ether since Dec. 26. Those large wallets now control close to 70% of Ethereum’s circulating supply, a share that has increased steadily since late 2024.
Milk Road analysts noted that continued accumulation at these levels has historically preceded periods of improved price performance, though they cautioned that macro conditions remain a limiting factor.
Garrett Jin, former CEO of the now-defunct exchange BitForex, pointed to shifting flows across asset classes, saying some speculative capital may be moving back into crypto following a strong run in precious metals. He argued that recent strength in silver, palladium, and platinum has faded, reducing competition for risk capital.
Holiday volatility keeps traders cautious
Despite signs of accumulation among large holders, near-term sentiment remains defensive. Bitcoin has traded between roughly $86,700 and $90,000 over the past week.
Analysts at Santiment said fear and uncertainty intensified as prices moved higher during the Christmas period, a pattern they have observed repeatedly during thin holiday liquidity.
Some of the recent selling pressure has been concentrated in US trading hours. CoinGlass data shows the Coinbase Bitcoin Premium Index has remained negative, indicating Bitcoin is trading at a discount on Coinbase relative to offshore exchanges.
Historically, a sustained negative premium has coincided with weaker US demand and reduced risk appetite, suggesting domestic traders have been more inclined to sell into strength rather than build positions.
Market stabilization, not confirmation
The slowdown in long-term Bitcoin selling, combined with renewed Ethereum accumulation, points to a market that is no longer in aggressive distribution mode. At the same time, persistent caution among US traders highlights how tentative that shift remains.
Positioning appears to be stabilizing rather than turning decisively bullish, leaving prices sensitive to macro signals and liquidity conditions as the market searches for confirmation.
Oleksii Shumak
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