Long-term Bitcoin holders quietly rebuild during January sell-off

[chainsniff]

Despite Bitcoin’s sharp pullback in January, on-chain data suggests long-term holders are accumulating rather than exiting the market. The supply held by entities that have owned Bitcoin for more than 155 days began recovering during the sell-off, signaling renewed conviction among patient investors.

At the same time, the Long-Term Holder Spent Binary indicator continued to decline, showing reduced selling pressure from experienced holders. In previous market cycles, similar patterns have appeared near durable Bitcoin bottoms. Analysts note that after the April 2025 lows, long-term accumulation preceded a sharp rebound of roughly 60%, suggesting current behavior may be laying the groundwork for future gains.