According to ChainCatcher news, CryptoQuant analyst Yonsei_dent stated that the Spent Output Age Bands (SOAB) metric provides insights into Bitcoin consumption (i.e., selling), categorized by the holding period of investors. During the Bitcoin bull market in November and December 2024, long-term holders (LTHs) realized significant potential profits, indicating that some investors sold a portion of their held Bitcoin to lock in gains.
Investors with holding periods of 6 to 12 months were the most active in selling Bitcoin. These investors primarily purchased Bitcoin when the Bitcoin spot ETF was launched in early 2024. The selling activity of this group may have exerted downward pressure on Bitcoin prices. However, strong demand still kept Bitcoin within the range of $90,000 to $100,000.
Investors who have held Bitcoin for over a year have hardly sold Bitcoin during this period.
