CryptoQuant analyst Yonsei_dent indicates that the Spent Output Age Bands (SOAB) metric shows that during the bull market from November to December 2024, long-term holders (LTHs) of Bitcoin have locked in significant profits. Investors with holding periods of 6 to 12 months have been the most active sellers recently; these investors typically purchased Bitcoin when the spot ETF was launched at the beginning of the year, and their selling activities have exerted some downward pressure on Bitcoin prices. However, strong demand has kept Bitcoin prices within the range of $90,000 to $100,000. Meanwhile, investors with holding periods of over one year have sold relatively little during this period, and the 'Binary CDD' metric shows that the sale of old coins in December decreased compared to November, indicating that most long-term holders may still expect prices to rise further.

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