Long-term Bitcoin holders reduced their positions from 14.8 million BTC in mid-July to 14.3 million in December, and for the first time since July 2025, selling from these addresses effectively stopped. At the same time, major Ethereum holders intensified accumulation — according to analysts, since December 26, they have added about 120,000 ETH. Amid these movements, the market remains sensitive: over the past seven days, Bitcoin's price fluctuated between $86,744 and $90,064, while the Coinbase Bitcoin Premium index continued to stay in negative territory.
Long-term Bitcoin holders halt sales
From mid-July to December, addresses holding BTC for at least 155 days reduced their volume from 14.8 million coins to 14.3 million, reflecting a decrease in accumulated positions within this category. Observations show that sales by long-term holders ceased for the first time since July 2025, and some market participants noted this as a significant shift in the behavior of large investors. Large holders traditionally influence market liquidity and sentiment, and their actions are often seen as factors capable of altering the supply-demand distribution — for more on the role of big players, see the article How New Bitcoin Whales Are Changing BTC Market Structure.
Ethereum whales accumulate assets
Analysts citing CryptoQuant data note that large addresses have been accumulating ETH: since December 26, whales have added approximately 120,000 coins. Additionally, addresses holding 1,000+ ETH now control about 70% of the available supply, and this share has been growing since late 2024. Such asset concentration changes the ownership profile and liquidity in the Ethereum market; when discussing large transfers, it is worth considering examples of significant movements, such as the transfer to Binance, which has been covered in separate reports.
Market analysis after the Christmas holidays
In the period immediately following the Christmas holidays, market activity was accompanied by high volatility: Bitcoin rose above $90,000, then dropped below $87,000, and ultimately traded within the range of $86,744–$90,064 over the last seven days. At the same time, analysts recorded spikes in fear, uncertainty, and doubt (FUD), which often coincide with sharp price movements around holidays. Part of the downward pressure on price may have been caused by a decline in trading activity from the U.S.: the Coinbase Bitcoin Premium index remained negative, which is interpreted as an indicator of selling in the American market segment.
Why this matters
For miners, changes in the behavior of large holders and whales primarily affect liquidity and short-term volatility rather than the technical aspects of mining. If sales from long-term holders decrease, this reduces the volume of coins immediately entering the market, indirectly impacting price dynamics and potentially altering instantaneous spreads when selling mined coins. Meanwhile, the concentration of ETH in addresses holding 1,000+ coins changes the supply distribution and can affect liquidity availability when attempting to liquidate large amounts.
What to do?
If you operate from one to a thousand devices, it is useful to remain cautious and prepared for market fluctuations. Below are specific actions to consider in the current situation.
- Monitor basic indicators: track the BTC price range ($86,744–$90,064) and the Coinbase Premium index to understand if there is selling pressure in the U.S. market.
- Plan the sale of mined cryptocurrency in advance: divide volumes into parts and sell at predetermined levels or on a schedule to avoid emotional decisions during volatility spikes.
- Consider liquidity: if you need to liquidate large sums, seek exchanges and OTC solutions with sufficient depth to minimize slippage.
- Maintain reserves: keep part of your income in reserve to cover operational expenses and unforeseen situations during periods of high volatility.