In November and December, the most active Bitcoin sellers were market participants who purchased the cryptocurrency during the approval and launch of spot ETFs in the U.S. These observations were shared by CryptoQuant contributor Yonsei_dent.

“The chart shows that the most active Bitcoin sellers were holders with a holding period of six to 12 months, indicated by the orange band,” the expert noted.

This group of investors likely “put downward pressure on Bitcoin’s price.”

“However, strong overall demand kept prices within the $90,000 to $100,000 range,” Yonsei_dent emphasized. According to his observations, holders who have kept their coins for over a year sold “relatively little” during the period.

“Additionally, the Binary CDD metric at the bottom of the chart illustrates a decline in older Bitcoin sales in December compared to November. This suggests that many long-term holders may be anticipating even higher prices,” the analyst concluded.

The Spent Output Age Bands (SOAB) indicator provides insights into Bitcoin sales by investors, offering a breakdown by holding periods.

As of writing, Bitcoin is trading around $96,000, having dropped 2.5% in the last 24 hours, according to CoinGecko.

Earlier, CryptoQuant contributor Avocado_onchain pointed to signs of Bitcoin’s rally continuation, highlighting the momentum driven by the spot market.