Long-Term BTC Holders Sell, but Miners Add 777 BTC
- Long-term holders sold 815k BTC, driving Bitcoin’s drop and intensifying market pressure.
- Short-term holders face growing losses as BTC stays below cost basis amid weak inflows.
- Miners switch back to accumulation, adding 777 BTC as the market resets after heavy selling.
Bitcoin has had renewed pressure due to persistent selling from long-term holders and weak macro conditions weighing on price, as per data from What Exchange. At press time, Bitcoin was trading at $91,500 after a sharp retreat from the $126,000 peak in October.
Long-Term Holders Cut Exposure
According to What Exchange, long-term holders who have held Bitcoin for more than 155 days have sold over 815,000 BTC in the last 30 days. This selling matches activity seen between November 2024 and May 2025, when ETF inflows and Digital Asset Treasury (DAT) Company buying kept markets steady. Current outlook differs as ETF inflows stay flat, DATS buying slows outside Strategy, and broader indexes weaken.
However, What Exchange noted that this pressure links directly to the market’s struggle to reclaim higher levels. The Nasdaq 100 has softened as investors wait for clarity on Federal Reserve policy. This uncertainty creates a softer environment for Bitcoin as fewer new buyers step in across exchanges.
This trend led directly to increased stress on short-term holders. Their average cost basis is near $112,800. With Bitcoin below $92,000, markets have seen more fear and forced selling as short-term traders attempt to reduce losses. Furthermore, weak inflows and limited catalysts create more volatility.
Leverage Drops While Futures Market Deleverages
The Exchange also noted a month-long fall in futures open interest after the October 10 liquidation event that removed about $20 billion in positions. Open interest continued dropping as traders used more real capital instead of high leverage. This shift made it harder for Bitcoin to surge because traders had less extra money to push prices up.
Even so, the market became a bit more stable. With fewer people using big leverage, prices moved more sideways while everyone waited for clearer signals. But since fewer traders were active, there wasn’t much liquidity, so even small trades caused sharp price swings.
All this added to the worry already building from delays in U.S. economic updates. The government shutdown limited visibility for the Federal Reserve. Expectations for a rate cut dropped from above 90 percent on CME to a higher uncertainty. A cut may offer a short bounce, though deeper momentum still depends on macro conditions.
Related: ETH Slides as Selling Pressure Rises and Whales Exit Positions
Miners Move Back Into Accumulation
However, CryptoQuant reported that Bitcoin miners accumulated 777 BTC over the last seven days. This followed a period where miners adjusted holdings as Bitcoin fell from the October 10 high of $119,771.
Miners held a positive 30-day net position of 843 BTC during the rally from October 10 to 27. However, as prices slid through early November, the position reversed to a negative 831 BTC between November 7 and 17. The largest sale came on November 6 when miners offloaded 1,898 BTC near $102,637.
However, flows became balanced across the last 30 days. Miners sold 6,048 BTC and accumulated 6,467 BTC, creating a 419 BTC net positive position by November 17. The firm noted that vulnerable miners likely completed necessary sales as accumulation increased at lower prices.
Social data from Santiment also aligns with these developments. Bitcoin led crypto discussions due to price drops, institutional moves, and technical readings. Conversations followed shifts across Solana, Tether, Chainlink, XRP, and 1inch as traders tracked volatility across the market.
Meanwhile, data from What Exchange and CryptoQuant shows a market adjusting through long-term selling, reduced leverage, and a renewed change in miner accumulation. Short-term holders face stress while futures activity has thinned, yet miners added 777 BTC as broader indicators aligned with the recent decline. These combined flows show the changing structure across Bitcoin as participants assess the next phase.
