Bitcoin ‘Record’ LTH Selling Inflated By Exchange Transfers, CryptoQuant Head Says

CryptoQuant’s head of research has highlighted how the recent high levels of Bitcoin HODLer selling were inflated by internal exchange moves.

That said, there are times when these diamond hands do take to selling. One major such selloff occurred in November of this year, as the chart shared by Moreno shows.

At the height of the Bitcoin LTH distribution in November, the 30-day sum of spending hit a record high of 1.55 million BTC. The analyst has pointed out, however, that this figure doesn’t tell the entire story.

This wasn’t the first time that internal exchange transactions exaggerated LTH selling. As is visible in the chart, there was a sharp spike in Coinbase’s internal transfers of LTH-aged coins back in December 2018 as well.

While adjusting for internal Coinbase shuffling lessens the scale of the latest diamond hand selloff, it doesn’t quite eliminate it. The monthly LTH spending still hit a notable level of 0.9 million BTC at the peak in November.

The only time in the current cycle that the metric exceeded this mark was in December 2024. In fact, as the chart below displays, this selloff was the fifth highest on record.

The record for the highest amount of Bitcoin LTH selling is still maintained by August 2017, which witnessed 1.4 million BTC in movements from the cohort.

At the time of writing, Bitcoin is floating around $93,800, up almost 7% in the last seven days.