PANews reported on June 14 that analyst Darkfost published an article on the X platform stating that, based on the on-chain behavior of long-term Bitcoin holders (holding Bitcoin for more than 6 months), their activity of transferring BTC to exchanges still exhibits the characteristics of "phased high-intensity selling," typically manifested as daily inflows significantly higher than the annual average (up to more than 5 times the average level).

In the short term, long-term Bitcoin holders are still transferring BTC to exchanges, indicating that selling pressure persists and, in most cases, corresponds to actual selling activity. However, looking at the long-term trend, the average annual inflow of LTH to exchanges is declining, showing that this group is generally more inclined to hold for the long term, and the market selling pressure structure is gradually smoothing out.

Data shows that the indicator has rebounded slightly recently, rising from about 630 BTC/day in early May to over 800 BTC/day, but it is still in the lowest range since 2015.

Analysts believe this change may be related to the increased proportion of ETF funds and institutional investors, leading to a shift in the structure of long-term holders. However, overall, the systemic selling pressure of LTH on the medium- to long-term market is weakening.