Long-term holders have been selling a lot of Bitcoin, but it’s less than you think.

15.1M $BTC spent in 2025.

15.3M BTC spent in 2021.

But here’s the interesting part:

We now have two entirely new cohorts of long-term holders:

ETFs & Treasury Companies.

These two cohorts together now own roughly 12% of the Bitcoin supply.

Why do we care?

These two cohorts represent a new type of long-term holder.

ETFs can’t just dump everything, the asset managers generally need to keep a large reserve for their investor base & future demand.

Treasury Companies entire business model revolve around accumulating large amounts of $BTC over time.

This stabilizes price & generally makes our market more mature.

Diminishing returns also end in diminishing losses.

Crypto is changing.#TheNewStandard

#CryptoEvolution

#BitcoinTreasury

#FinanceTransformed#OnChainAnalysis

#CryptoData

#BitcoinETFs

#HODLStats