Analyst: The inflow of long-term holders of BTC into exchanges has significantly cooled down, and market behavior is becoming more rational

Cryptocurrency analyst Darkfost stated on the X platform that based on the inflow of BTC from long-term holders (LTH) to exchanges, during the market peak in March 2024, LTH were most active in the bull market phase, with daily inflows to exchanges exceeding the annual average by more than five times.

In contrast, LTH were relatively calm during the peak in 2025, and as the bear market began, their activity significantly increased, with the annual average daily inflow of BTC rising from about 600 to around 1000. As the market approached the bear market bottom, the inflow on certain trading days far exceeded the annual average, which aligns with the situation where previous high-level buyers realized increased losses.

Darkfost noted that currently, LTH-related activities are gradually cooling down, with inflows to exchanges still significantly below the annual average, indicating a change in their behavior, and the market is becoming more rational.