Changes are emerging in the crypto market behavior of major players: long-term Bitcoin holders have noticeably slowed their sell-offs for the first time in six months, while leading Ethereum addresses have stepped up accumulation. On-chain metrics record a decrease in the total BTC volume held in wallets dormant for 155 or more days, whereas ETH addresses have been increasing balances since late December.
Slowdown in Bitcoin Sell-Offs by Long-Term Holders
Long-term Bitcoin holders have slowed their sell-offs for the first time in the last six months, a shift clearly visible in on-chain dynamics. Specifically, wallets holding bitcoins without movement for at least 155 days reduced their combined volume from 14.8 million coins in mid-July to 14.3 million by December, indicating asset redistribution among holder categories. Crypto entrepreneur Ted Pillows noted that long-term holders have effectively paused sales since mid-summer 2025, meaning selling pressure from this group has lessened compared to the previous period.
Increased Ethereum Accumulation by Large Participants
Alongside changes in BTC behavior, large Ethereum addresses have intensified accumulation: since December 26, they have increased their holdings by approximately 120,000 ETH. Wallets with balances exceeding 1000 ETH control about 70% of the total Ethereum supply, and this share has continued to grow since late 2024, indicating ownership concentration among major players. This dynamic reflects capital redistribution within the market and shifting roles among different holder groups.
Impact of These Changes on the Cryptocurrency Market
Actions of large holders traditionally influence liquidity: when long-term holders reduce sell-offs, market supply pressure weakens, altering the supply-demand balance. Reduced seller activity can lower the risk of sharp volatility spikes, while Ethereum concentration in large addresses changes the altcoin’s supply structure. For a more comprehensive understanding of current network metrics, you can refer to data on Bitcoin network metrics, and for insights on selling pressure from unprofitable short-term holders, see the article on BTC selling pressure.
Why This Matters
If you mine in Russia with multiple rigs, the slowdown in long-term holder sell-offs means a calmer operational environment: all else equal, it reduces the likelihood of sharp market swings that could force asset liquidation. Meanwhile, ETH concentration in large addresses doesn’t directly affect your mining output but changes the overall liquidity and demand landscape for the altcoin market.
It’s important to understand that these changes do not negate seasonal or local factors affecting mining profitability, such as electricity tariffs and equipment availability. Nevertheless, a more stable supply picture from major holders provides a bit more room for planning operations and decisions about selling mined coins.
What to Do?
- Monitor on-chain metrics and large address balances to understand shifts in supply pressure; this helps build a strategy of selling in parts rather than all at once.
- Consider phased sales of mined BTC/ETH — fractional selling reduces risks if the market suddenly changes direction.
- Factor in mining operational costs when deciding to sell: compare current profitability against electricity and equipment maintenance expenses.
- If you hold a significant share of earned coins, periodically check large address balance distributions and liquidity news to adjust your sales plan accordingly.
To assess the current market phase and price stability, you can also review the overview on price stability in December 2025, which helps correlate on-chain data with price dynamics.