Bitcoin long-term holders stopped net selling on December 29, 2025, while large Ethereum wallets kept adding meaningful positions throughout December. Together, those two moves tighten effective supply in both BTC and ETH and can quickly change how liquidity feels in spot markets and how desks position in derivatives.
On-chain metrics show the cohort commonly labeled Long-Term Holders (LTHs) has paused its recent distribution; LTHs are BTC addresses that have held for extended periods and are often net suppliers during market tops. This pause is the first interruption in that sell cycle since July 2025, which removes a steady source of selling pressure that had been weighing on market structure for months.
Long-term holders have stopped selling $BTC for the first time since July 2025.
Things are looking good for a relief rally here. pic.twitter.com/t7Sl2hS9Ub
— Ted (@TedPillows) December 29, 2025
Bitcoin: what changes when long-term selling pauses
This shift reads like a change in intent from the most experienced BTC owners—less systematic distribution, more holding, and potentially a tilt toward net accumulation. When fewer long-term coins recycle back into liquid venues, traders face a lower probability of repeated large sell blocks from historically stable wallets, which can reduce volatility coming from that segment.
Ethereum: whale buying and rotation are tightening the float
Large ETH holders have been buying in size through December. Reported figures point to roughly 120,000 ETH purchased since December 1, 2025, plus another ~300,000 ETH acquired since December 26, with that later tranche valued at about $850 million—an accumulation pattern that pulls supply away from liquid pools.
The month also featured clear capital rotation from very large holders, not a clean “risk-off” exit. One entity with about $11 billion in BTC-equivalent capital sold $330 million of ETH to establish roughly $748 million of long positions across other major tokens, while another sizable BTC holder sold about $76 million of BTC to buy around 68,000 ETH—flows that can reshape funding, options skew, and short-term market positioning.
