Long-term Bitcoin holder outflows are slowing near $91k. A look at what declining netflow might mean for market pressure and holder conviction.
Bitcoin's trading near $91,500—close enough to its previous high to make anyone wonder what happens next. But while price action grabs headlines, the on-chain data is telling a quieter story.
Glassnode recently highlighted a shift in long-term holder behavior. These are wallets that have held Bitcoin for over 155 days, and statistically, the longer someone holds, the less likely they are to sell. Yet near market peaks, that pattern often breaks. Long-term holders distribute into strength, taking profits while buyers are willing to pay up.
What's interesting now is that the outflows are declining. The netflow—measuring the difference between coins leaving and entering long-term holder wallets—is still negative, but it's getting less so. In other words, they're still selling, but not as aggressively.
That could mean a few things. Maybe the bulk of profit-taking already happened earlier in the rally, and what's left are the true believers. Or maybe they're pausing, waiting to see if Bitcoin can push higher before they commit to more exits. Either way, when long-term holders ease up near resistance levels, it often signals exhaustion of selling pressure rather than a buildup of it.
It's not a definitive buy signal, but it does suggest the distribution phase might be maturing. If Bitcoin pushes through $92k with declining LTH outflows, that's a different setup than fighting through heavy resistance with relentless selling from strong hands. Context matters, and right now, the context is shifting.
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