Long-term Bitcoin holders have pumped the brakes on selling their fat stacks for the first time in six months, while Ether whales have ramped up accumulation of the digital asset.
Wallets holding Bitcoin (BTC) for at least 155 days trimmed their positions from 14.8 million coins in mid-July to 14.3 million in December. However, crypto investor and entrepreneur Ted Pillows noted in an X post on Monday the selloff has tapered off.
“Long-term holders have stopped selling Bitcoin for the first time since July 2025. Things are looking good for a relief rally here,” he said.
Generally, large holders and whales are considered market movers, and their trades can influence market behavior, liquidity, and investor psychology.
Ether whales stacking more tokens
At the same time, Ether whales have been increasing their holdings over the last week. Citing CryptoQuant data, analysts at crypto investor newsletter Milk Road said large holders have added around 120,000 Ether (ETH) since Dec.26.
“Addresses holding 1,000+ ETH now control roughly 70% of supply, a share that has been rising since late 2024. If this behavior continues, the market may not fully be pricing in where the smart money expects Ethereum to go next,” they said.
Garrett Jin, former CEO of the now-defunct crypto exchange BitForex, also predicted more flows are likely incoming into Bitcoin and Ether as investors shift from silver, palladium, and platinum which have been on a tear lately.
“The short squeeze in metals is over as expected. Capital is beginning to flow into crypto,” he said.
Traders cautious after Christmas weekend FUD
Bitcoin has traded between $86,744 and $90,064 over the last seven days. Analysts at crypto market intelligence platform Santiment said a spike in fear, uncertainty and doubt came at the same time as prices moved higher around Christmas, as markets often move in the opposite direction of trader sentiment.
“Following the conclusion of Christmas weekend, Bitcoin surged back above $90K and then fell below $87K,” Santiment analysts said, adding that “the rise came while FUD was becoming very high, as usual. Now that prices have dropped back, traders are being cautious again.”
Related: Spot Bitcoin ETFs bleed $782M during Christmas week amid ‘holiday positioning’
US leading selloffs
Some selling pressure could be due to US traders exiting the market. CoinGlass’s Coinbase Bitcoin Premium Index has remained in the negative. The index measures the price difference between Bitcoin traded on the crypto exchange Coinbase and the global market average.
When the index is negative, it typically reflects selling pressure in the US market, declining investor risk appetite, and rising risk aversion, according to its description.
