A subtle shift among long-term holders has recently emerged in on-chain data.

According to on-chain analysis, seasoned players holding Bitcoin for over 5 years have recently slowed their selling pace. From UTXO-related metrics on the blockchain, the 90-day moving average has dropped from a previous high of around 2300 BTC to about 1000 BTC.

What does this change mean? Simply put: the group that once could exert massive selling pressure is now selling less aggressively.

In the current market, institutional and government-level buyers are accumulating, theoretically providing these veteran holders with a perfect opportunity to cash out at high levels. But on-chain data shows they’ve changed their minds — shifting from a "sell on rallies" approach to a "hold steady" strategy.

The logic behind this shift is actually quite straightforward. This group of seasoned holders has almost negligible cost basis. If they were to sell all at once, market pressure would be significant. Now, by holding their coins, they’re giving the market some breathing room — this subtle change in supply dynamics can have a notable impact on short-term trends. In plain terms, with fewer selling pressures from this group, the market loses a potential risk point.