[Analysis] "Despite Profit-Taking by Mid-to-Long-Term Bitcoin Holders, New Demand Defends Against Downward Pressure"

Image=CryptoQuant X

An analysis has emerged indicating that despite the downward pressure caused by mid-to-long-term holders of Bitcoin (BTC) realizing profits after holding for 6-12 months, the increasing demand from new buyers is defending against this pressure.

On the 26th (local time), Yonsei Dent, an analyst at the on-chain analysis platform CryptoQuant, explained, "Looking at the Bitcoin SOAB (Spent Output Age Bands) indicator, the downward pressure emerged as the holdings of mid-to-long-term holders who accumulated Bitcoin during the ETF issue rally earlier this year decreased, but new demand is supporting this, keeping the price in the 90-100K range."

He added, "The positive aspect is that long-term holders who have held Bitcoin for over a year have not sold much, and the tendency to sell Bitcoin in December has decreased compared to November."