{"id":367,"date":"2026-01-31T06:06:59","date_gmt":"2026-01-31T06:06:59","guid":{"rendered":"https:\/\/blog.coinsignals.net\/?p=367"},"modified":"2026-01-31T06:06:59","modified_gmt":"2026-01-31T06:06:59","slug":"on-chain-data-shows-long-term-bitcoin-holders-are-far-more-active-than-net-metrics-suggest","status":"publish","type":"post","link":"https:\/\/blog.coinsignals.net\/index.php\/2026\/01\/31\/on-chain-data-shows-long-term-bitcoin-holders-are-far-more-active-than-net-metrics-suggest\/","title":{"rendered":"On-Chain Data Shows Long-Term Bitcoin Holders Are Far More Active Than Net Metrics Suggest"},"content":{"rendered":"\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"739\" height=\"415\" data-id=\"368\" src=\"https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/01\/IMG_1308.jpeg\" alt=\"\" class=\"wp-image-368\" srcset=\"https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/01\/IMG_1308.jpeg 739w, https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/01\/IMG_1308-300x168.jpeg 300w, https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/01\/IMG_1308-520x292.jpeg 520w, https:\/\/blog.coinsignals.net\/wp-content\/uploads\/2026\/01\/IMG_1308-610x343.jpeg 610w\" sizes=\"auto, (max-width: 739px) 100vw, 739px\" \/><\/figure>\n<\/figure>\n\n\n\n<p>Bitcoin long-term holders have moved significantly more BTC on-chain than commonly cited net figures imply, with more than 370,000 BTC spent over the past month. While many analysts point to roughly 144,000 BTC of net distribution based on the Long-Term Holder Net Position Change metric, gross on-chain data tells a much more active story.<\/p>\n\n\n\n<p>Glassnode data shows that long-term holders have been spending over 12,000 BTC per day on average, translating to roughly 360,000 to 370,000 BTC in monthly outflows. The difference between gross spending and net figures comes from how the metric is calculated. Net position change reflects the balance between coins spent by long-term holders and coins newly maturing into long-term status from short-term holders.<\/p>\n\n\n\n<p>Over the last 30 days, Glassnode estimates that about 370,000 BTC were spent by long-term holders, while approximately 226,000 BTC transitioned from short-term to long-term holder status. This offset results in a net supply decline of around 144,000 BTC, which matches the commonly referenced net distribution number. According to Glassnode, periods of high coin maturation can cause net metrics to significantly understate the true scale of long-term holder activity visible in gross flows.<\/p>\n\n\n\n<p>This heightened holder activity coincided with increased market stress. Bitcoin briefly dropped near $81,000, its lowest level since November, during a broader crypto sell-off that followed sharp declines in gold and equity markets. While traditional assets recovered from their intraday lows, cryptocurrencies have yet to see a meaningful rebound.<\/p>\n\n\n\n<p>Market sentiment has deteriorated sharply as a result. The Crypto Fear and Greed Index fell to an \u201cextreme fear\u201d reading of 16. Additional Glassnode data shows that the 90-day simple moving average of the realized profit and loss ratio has collapsed from a peak of 19 in July 2025 to just 1.7, highlighting a major shift in demand and growing investor frustration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin long-term holders have moved significantly more BTC on-chain than commonly cited net figures imply, with more than 370,000 BTC spent over the past month. While&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-367","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/comments?post=367"}],"version-history":[{"count":1,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/367\/revisions"}],"predecessor-version":[{"id":369,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/367\/revisions\/369"}],"wp:attachment":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/media?parent=367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/categories?post=367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/tags?post=367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}