Analysts: Long-term holders have sold 345,000 BTC since late July, but recent sell-off frequency has slowed.

On October 19, analyst Axel Adler Jr. stated that since July 30, the supply held by Bitcoin long-term holders has decreased from 16.41 million to 16.06 million, representing a cumulative reduction of 345,000 BTC, or approximately a 2% decline. While holdings dropped by 9,000 over the past week, they actually increased by 40,000 over the last three days.

The long-term holder spending frequency indicator shows that between October 6 and 10, it temporarily hit 13 out of the past 15 days with declining holdings, reaching a near-one-year high; as of October 19, it had receded to 10 days. At the current BTC price of approximately $82,800 and an average long-term holder cost basis of around $48,600, overall unrealized gains stand at roughly 70%. Adler believes that if the number of days with declining holdings over the past 15-day period falls further to around 7, the long-term holders' spending frequency will decrease significantly.