Bitcoin trades at $81,868 today, maintaining its upward trajectory as on-chain data reveals growing divergence in investor behavior.
Exchange balances for Bitcoin have steadily declined, reaching levels not seen since late 2022. This suggests strong preference for self-custody and long-term holding among a significant portion of investors.
The number of Bitcoin addresses holding for over one year continues to expand. These long-term holders now control an estimated 70 percent of the circulating supply, a metric often associated with strong market conviction. This accumulation contrasts with previous cycles where significant price increases triggered widespread profit-taking.
Despite the accumulation trend, some profit realization is evident. Short-term holders—those holding Bitcoin for less than 155 days—have increased their selling activity. Data shows a slight uptick in Bitcoin flowing to exchanges from wallets held for less than six months.
However, these outflows are largely absorbed by institutional buyers and long-term accumulators, preventing significant price drops. Illiquid supply continues to grow, reducing the available float for trading. This supply shock dynamic supports higher price levels over time.
Ethereum trades at $2,342 and Solana at $97.56, also showing similar accumulation patterns among their core holder bases, though less pronounced than Bitcoin.
