In the quaint yet quixotic world of cryptocurrency, where the scribbles of quills can sometimes outpace the speed of light, CryptoQuant’s head of research has uncovered a curious phenomenon. It appears our beloved Bitcoin HODLers – those steadfast souls who clutch their digital hoard with the grip of avarice – have been caught in a bullwhip dance not entirely of their own design.
In a Tale of Long-Term Holder Sales: Not Quite the Headlines You’d Expect
In the latest whisperings across the internet galleries, more precisely on some X platform that rivals the Agora of old, one Julio Moreno – cryptanalyst extraordinaire – descends upon us like a cuckoo in a cuckooland nest. He speaks of the skirmish that erupted in November when the Bitcoin Long-Term Holders, the LTHs, those who let their coins nap longer than a Russian winter, reportedly cast away their treasures.
The LTHs, gentlemen clad not in armor but in tediously accurate ticker mascots, had considered their tokens a lover’s promise, one rarely broken. More often, they whispered sweet nothings into wallets slower to part than nuns with their dowries. Yet there exists entertaining, albeit financial, mythos that on occasion, these steadfast sires do succumb to temptation.
X marks the spot on this chart from Moreno as our inquisitive gaze lingers upon what could be mistaken for a deluge of desperate divestment, hitting a staggering 1.55 million BTC in the revered month of November. And yet, the charm of the crypto courtship lies not in this mere number. The plot thickens, as not all hands that give are wrought from economic necessity.
Why, it turns out the court jesters of the exchange, namely Coinbase, had been quite busy playing musical coins, conducting a riotous rondo of wallet transfers under the noses of all. “A significant portion of LTH spending was due to exchange internal transactions,” we are advised with the flair of a bartender dispensing wisdom between measures.
Data, like a secret ingredient in the chef Julio’s stew, reveals that at least 0.65 million of the LTH selling attributed to actual loss was in truth merely an exchange’s whimsical internal shuffle. The actual record thus stands ill-founded, a castle of sand awaiting its inevitable flood.
As if history indulges in repeating itself like a capricious pianist on a fondue night, recall the jive in December 2018, when the same believed pandemonium wrongfooted many. Even with Coinbase’s covert casino withdraws subtracted from the ledger, the numbers remain enough to shame lesser galaxies.
November still saw a respectable gallivanting of 0.9 million BTC, though paling in comparison to the Epoch of December 2024, the fifth apparition on record. And yet, truly, it’s August 2017 that maintains its sovereign position in the annals, grandly boasting 1.4 million BTC of golden tears.
The Dance of the Bitcoin Price
Currently, Bitcoin flirts with the $93,800 mark, putting on a 7% tip of the top hat over the last seven diurnal cycles. Below, a chart illuminates the swell of numbers like a sorcerer’s magic lantern.
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2026-01-07 08:14