- The 6–12 month holder cohort contributed to Bitcoin’s recent price stagnation below $100K.
- Declining whale transactions and reduced Open Interest suggested potential short-term sideways movement.
Bitcoin’s [BTC] price performance over the past few weeks has remained subdued, with limited upward movement, despite market anticipation for a year-end rally.
Since mid-December, Bitcoin has failed to sustain levels above the $100,000 mark, fluctuating primarily between $94,000 and $95,000.
This price range reflects a 5.8% decline over the past week. At the time of writing, Bitcoin is trading at $95,657, marking a further 2.5% drop within the last 24 hours.
Who profited during the $100,000 range?
Amid this market stagnation, analysts have turned their focus to investor behavior better to understand the factors behind Bitcoin’s price movement.
A CryptoQuant analyst, Yonsei Dent, has highlighted insights from the Spent Output Age Bands (SOAB) indicator.
This metric tracks Bitcoin sales activity based on the holding periods of investors, offering a clearer picture of selling pressure across different market participants.
The data reveals that holders with the 6–12 month period have been the most active sellers during the recent Bitcoin rally, primarily capitalizing on profits made during the market’s upward surge earlier this year.
Source: CryptoQuant
Interestingly, these investors, who likely bought Bitcoin around the time of the spot ETF launch in early 2024, have been a significant source of selling pressure, contributing to the current price stagnation.
However, long-term holders—t
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Author: Samuel Edyme
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