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Bitcoin (BTC) has faced sustained downward pressure, with the downtrend continuing since its peaks in October 2025. In the midst of this prolonged downtrend, long-term Bitcoin holders have seen their positions go from extreme profitability to deep losses.
As a result, some long-term holders capitulated and closed their positions at a loss. However, it seems that long-term investors are exhausted due to prolonged loss selling.
Bitcoin LTH activity reaches bear market levels
Despite ongoing market weakness, long-term Bitcoin holders have significantly reduced spending.
Accordingly dark forestLTH activity has decreased and returned to levels typically seen in bear markets. Considering the current market conditions, such a decline indicates that the group’s sales activities have decreased.
In fact, the group reduced its profit or loss realizations by equal amounts. Accordingly checkoutchain According to data, the LTH Sell Side Exposure Ratio has fallen to 0.000395 at the time of writing, reaching October 2025 lows, indicating that selling pressure has waned.
As a result, the profits made by long-term holders dropped to 1.1 thousand BTC, the lowest level since September 2022. At the same time, realized losses also decreased to 2.7 thousand BTC, underlining the decrease in loss-making activities within the group.
Such market conditions indicate that fewer shareholders are exiting the market, regardless of their current positions; instead they tended to keep it. Therefore, most investors have remained indifferent to the market and are currently waiting for the next market move.
Historically, these market conditions have coincided with cycle bottoms when sellers lose motivation to sell and weaker hands exit the market.
This creates space for accumulation and paves the way for a new price movement. Darkfost’s analysis noted that declining activity from long-term holders (LTHs) could keep BTC in a consolidation phase.
What about BTC?
Although long-term holders have sharply reduced spending, this change has not yet increased the price of Bitcoin. BTC remains structurally weak and downside momentum still prevails.
In fact, as of the time of writing, Bitcoin (Bitcoin) traded at $69,800 after falling 0.32% on the daily charts, indicating continued downside volatility.
Additionally, Bitcoin momentum and direction indicators further revealed this structural weakness. Looking at the Directional Movement Index, the positive index is barely above the negative index of 22.
At the same time, ADXR remained above ADX, which indicates that the trend is weaker than the recent average and is constantly losing momentum. Taken together, these indicators point to strong downside risk and the current situation is likely to persist.
The Future Major Trend (FGT) indicator clearly shows the possibility of this trend continuing. According to FGT, BTC still has room to fall and $63,000 acts as critical support.
However, LTHs reducing selling pressure provides short-term relief and sustaining such behavior could enable BTC to hold between $65k and $74k.
Final Summary
- The activity of long-term holders of Bitcoin has fallen to bear market levels, signaling that selling pressure is easing.
- BTC remains structurally weak, indicating that the downward trend continues.
