CryptoQuant said that the amount of Bitcoin held for 6–12 months—mostly by investors who bought around or after the 2025 peak—being sent to exchanges has fallen significantly, but new buyer demand to support a rally has yet to emerge.
According to the on-chain analytics platform’s comparison, 40.4 percent of the Bitcoin in this age group that moved between May 19 and June 17 was sent to exchanges. Between September 16 and October 15, that share fell to 4.4 percent. The amount sent to exchanges declined from 63.8K BTC to 9.1K BTC across the same two periods.
Bitcoin Didn’t Stop Moving; Its Destination Changed
The notable point here is that total coin movement did not decrease. While 157.7K BTC moved in the first period, that figure reached 205.4K BTC in the latest period. Across the five periods examined, the amount that moved ranged from 143.7K to 216.5K BTC.
By contrast, the portion sent to exchanges was much lower than in the period ending in mid-June. CryptoQuant interprets this shift as meaning that those who bought at high prices have largely stopped selling, easing pressure on the price.
A Small Increase in the Latest Period
The share sent to exchanges was measured at 30.9 percent between June 18 and July 17, 9.8 percent between July 18 and August 16, and 3.7 percent between August 17 and September 15. The latest figure of 4.4 percent represents a modest increase from the previous period, but remains well below June’s level.
Similarly, the amount sent to exchanges rose from 7.9K BTC in the previous period to 9.1K BTC. Thus, the data’s main message is not a continuous decline so much as the fact that this investor group’s share of Bitcoin sent to exchanges has remained low in recent months.
Is Sellers’ Retreat Enough on Its Own?
According to CryptoQuant, easing selling pressure removes one of the obstacles facing Bitcoin. However, new buyers need to step in for the price to rise, and the platform says that demand has yet to emerge.
Therefore, the next thing to watch will be whether new demand strengthens, alongside existing investors’ reduced inclination to sell.
Not investment advice.