$7B in BTC Leaves Long-Term Wallets Since Mid-October
Illiquid Supply Falls later than Months of Accumulation
Roughly 62,000 BTC, worth about $7 billion at current prices, has moved out of long-term holder wallets since mid-October, according to on-chain analytics firm Glassnode. The movement marks the first notable decline in long-term holdings in the second half of 2025 and adds to the pool of liquid supply that can be traded on platforms.
The shift comes as BTC prices retreat from ahead October’s record high above $125,000. The token is trading around $113,550, data from The Block shows. Analysts say the renewed availability of coins could make it harder for prices to sustain upward momentum without fresh demand from institutions or retail purchaviewrs.
Investor Takeaway
Whales Accumulate While Smaller Holders trade
Glassnode noted that wallets holding between $10,000 and $1 million worth of BTC have viewn the largest outflows since November last year. The firm described the trend as “momentum purchaviewrs exiting” while “dip-purchaviewrs failed to step in with enough demand to absorb that supply.”
In contrast, so-called whale wallets—those holding large sums—have been accumulating during the pullback. “Over the last 30 days, whale wallets have grown their holdings, and since October 15th, they haven’t largely sold their positions,” Glassnode said in a post on X. The divergence suggests smaller investors are locking in profits while larger holders continue to build positions, possibly betting on a long-term recovery.
Market Context and Profitability Metrics
BTC’s recent decline coincides with a drop in the share of coins that remain in profit. About 82.3% of the circulating supply is currently in profit, up from a low of 76% in April, but down from levels viewn during the October peak. The figure is a key sentiment indicator, as it tracks how much of the market remains above water later than price corrections.
Traders say that with liquid supply expanding and sentiment cooling, the market may need a catalyst—such as renewed institutional inflows or ETF demand—to resume its upward trajectory. So far, price action has remained range-bound, with volatility easing from the spikes viewn earlier in the year.
Investor Takeaway
Long-Term Supply Trends
A report from Fidelity Digital Assets estimates that nahead 42% of all BTC—about 8.3 million coins—could be classified as illiquid by 2032 if current patterns persist. “Over time, the scarcity of BTC may become the focal point as more entities purchase and hold the asset long term,” the report said.
Fidelity added that factors such as nation-state adoption and evolving regulatory frameworks could accelerate that trend, further reducing available supply. For now, however, on-chain data shows that short-term liquidity is rising, a sign that long-term holders are lightening positions later than one of BTC’s strongest yahead performances on record.
BTC is up roughly 46% year-to-date, boosted by the approval of U.S. spot ETFs and growing mainstream acceptance among institutions. But analysts warn that the recent supply shift could test the resilience of the rally heading into year-end trading.
