In November-December, the market participants who bought coins amid the approval and launch of spot ETFs in the US were the most active in getting rid of digital gold. These observations were shared by CryptoQuant contributor under the nickname Yonsei_dent.
'The chart shows that the most active sellers of Bitcoin were holders with a holding period of six to 12 months, as indicated by the orange bar,' noted the expert.
The aforementioned category of investors likely 'put pressure on the price of Bitcoin'.
'However, high aggregate demand kept prices in the range of $90,000 to $100,000,' emphasized Yonsei_dent.
According to his observations, holders who kept coins for more than a year 'sold relatively little' during the specified period.
'Moreover, the Binary CDD metric at the bottom of the chart illustrates a decrease in sales of older Bitcoins in December compared to November. This suggests that many long-term holders may be expecting even higher prices,' concluded the expert.
Data from Crypto Quant.
The Spent Output Age Bands (SOAB) indicator provides insights into the sales of the first cryptocurrency by investors, offering a breakdown by holding periods.
At the time of writing, digital gold is trading around $96,000. Over the past 24 hours, the asset's price has decreased by 2.5%, according to CoinGecko.
Previously, the author of CryptoQuant under the nickname Avocado_onchain pointed out signs of continued Bitcoin rally; one of them is momentum from the spot market.