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

Analyst Axel Adler Jr. noted that since July 30, the long-term holder supply of Bitcoin has fallen from 16.41 million to 16.06 million, a cumulative decrease of 345,000 BTC, or roughly 2%. Over the past week, holdings dropped by 9,000, but increased by 40,000 in the most recent three days. The Long-Term Holder Spending Frequency indicator shows that between October 6 and 10, it reached 13 days out of the past 15 with declining holdings, marking a near-one-year high; as of October 19, this figure had receded to 10 days. At the current BTC price of approximately $82,800, the long-term holders' average cost basis stands at around $48,600, yielding an overall unrealized gain of roughly 70%. Adler suggests that if the number of days with declining holdings over the past 15 days drops further to around 7, the long-term holders' spending frequency would noticeably decrease.