The SOAB index shows investors' Bitcoin selling activity based on their holding time. During the price surge in November and December, long-term holders realized profits, indicating that some sold to take profits.

The chart shows that the 6–12 month holding group, who bought at the time of the ETF launch in early 2024, had the most significant selling activity. This may have created downward pressure, but strong demand kept Bitcoin prices in the range of $90K–$100K.

Encouragingly, those holding for over a year sold very little. The 'Binary CDD' index shows a decrease in the selling of old Bitcoin in December compared to November, suggesting that many expect prices to rise further before selling.