Bitcoin long-term holder selling pressure eases, analyst says

Bitcoin long-term holders have reduced their holdings for five straight weeks since Aug. 19, but selling pressure is slowing, on-chain analyst Axel Adler Jr. said. Adler said the 30-day decline in long-term holders’ BTC holdings narrowed to 21,700 BTC on Sept. 20 from 105,900 BTC on Aug. 30, shrinking to about one-fifth of the earlier level. Even so, long-term holders sold 47,800 BTC over the past week, Adler added. Based on the long-term holder spent output profit ratio, or LTH-SOPR, most of that volume appears to have been sold at a loss.