The SOAB indicator shows how investors are selling Bitcoin based on their holding period. During the November and December rally, long-term holders recorded significant gains, partially selling their holdings.

The most active sellers were those who had held Bitcoin for 6–12 months. They bought when the spot ETF was launched in early 2024. This could have put pressure on the price, but demand has kept Bitcoin in the $90K–$100K range.

Holders who have held Bitcoin for more than a year have been selling little. 'Binary CDD' shows that sales of old Bitcoin decreased in December. This may indicate expectations of further price increases.