BlockBeats News, June 14th - Analyst Darkfost stated that according to on-chain data, Bitcoin's Long-Term Holders (LTH, holding period of over 6 months) are exhibiting a dual characteristic of short-term activity and long-term holding. The platform inflow volume from LTH in the short term continues to be higher than normal — when LTH moves Bitcoin to a trading platform, it often indicates an upcoming sell-off. The definition of an "extreme sell-off event" is a period when the daily platform inflow volume is at least 5 times the annual average level. Recently, such signals have still been appearing, indicating that LTH still has the ability to create sudden selling pressure in the short term.

However, from a longer-term perspective, the LTH's average platform inflow volume has been consistently decreasing. Although it has slightly rebounded from around 630 BTC/day in early May to over 800 BTC/day recently, it remains at the lowest level since 2015. The analyst believes that this trend suggests that LTH are increasingly inclined to long-term holding, which may also be related to the launch of ETFs and changes in the holder structure after the participation of institutional investors.

In conclusion, although LTH can still generate periodic concentrated selling pressure in the short term, their market influence in the medium to long term has significantly weakened, no longer dominating the market as in past cycles.