According to TechFlow, on December 20, CoinDesk reported that about a week ago, long-term Bitcoin holders (LTHs) had been distributing a large amount of BTC. Since then, LTHs have accelerated their pace, reducing the total amount of Bitcoin held from about 14.2 million in mid-September to about 13.2 million.

According to Glassnode data, long-term Bitcoin holders sold nearly 70,000 BTC on Thursday, the fourth largest single-day sell-off this year.