Key Facts

• Bitcoin holders who acquired their coins more than five years ago have reduced their spending to a 90-day average of 962 BTC, the lowest level since November 2024, according to CryptoQuant data.
• The 90-day moving average of long-term Bitcoin holders' spending peaked at 3,860 BTC in May 2024, 3,200 BTC in February 2025, and 2,360 BTC in September 2025, with individual sessions recording outputs exceeding 10,000, 30,000, and even 142,000 BTC.
• Crypto analyst Darkfost noted that the most expensive coins held by long-term Bitcoin holders were acquired for about $63,200, which is close to current prices, indicating that many of these holders are choosing not to sell.
• Bitcoin Researcher Axel Adler Jr. observed a split between newer and older BTC investors, with the adjusted net unrealized profit/loss (aNUPL) falling to -0.14 from near zero a month ago, showing that the average holder has moved back into unrealized losses as BTC traded near $62,500.
• Crypto analyst LP identified a recurring pattern tied to Bitcoin's halving cycles, suggesting that a potential bottoming window could occur in early September, approximately 826 days after the halving event, followed by a major low and sideways consolidation for 70 to 110 days.