Active investors offloading bitcoin identified by online analysis
In the dynamic world of cryptocurrencies, the launch of spot Bitcoin ETFs has had a profound impact on the Bitcoin market and long-term investor behavior. Since their U.S. approval in early 2024, ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s GBTC have attracted over $100 billion in assets by mid-2025, signaling a major shift in Bitcoin access and investment dynamics.
Market Impact
ETFs now drive about 85% of Bitcoin’s price discovery, reducing volatility and stabilizing market dynamics compared to prior retail-driven swings. Institutional capital flows, facilitated by ETFs, have unlocked trillions of dollars in addressable capital, with estimated potential institutional demand of $3–4 trillion based on modest allocations in retirement and traditional investment accounts.
Bitcoin’s price has become more responsive to institutional ETF inflows, which have exceeded $50 billion in 2025 alone, contributing to rallies that some analysts project could push Bitcoin’s price toward $240,000 or more if inflows sustain. Recent data shows continued strong ETF inflows, with $219 million net inflows recorded in a single day in August 2025, emphasizing ongoing institutional confidence and demand.
The broader ecosystem has evolved as Bitcoin ETFs expand use cases beyond store of value, including collateral for tokenized assets and structured credit products, integrating Bitcoin more deeply into traditional finance.
Long-term Investor Behavior
Long-term investors now face a more institutionalized market where Bitcoin price trends are largely influenced by macroeconomic factors (e.g., Fed monetary policy) and large institutional flows rather than retail sentiment or search interest metrics, which have decoupled from price movements.
With spot ETFs integrated into retirement vehicles like 401(k)s and IRAs, long-term investor participation is growing via regulated channels, supporting more stable accumulation rather than speculative trading. The regulatory approval and infrastructure have boosted confidence among long-term holders and institutional players, reducing concerns about market manipulation and improving custody and liquidity options.
In the last 24 hours, the price of bitcoin has decreased by 2.5%, according to CoinGecko. However, the decrease in sales of older bitcoins could indicate that long-term holders are anticipating even higher prices, as suggested by the orange bar in a chart representing the most active bitcoin sellers with a holding period of six to 12 months.
The Spent Output Age Bands (SOAB) indicator was not previously mentioned as being used in the analysis, but it is used for analyzing bitcoin sales by investors, providing a breakdown by asset holding periods. Yonsei_dent, a CryptoQuant contributor, published these observations, revealing that in November-December 2021, market participants who acquired bitcoin following the approval and launch of US spot ETFs were the most active sellers.
However, it's important to note that the price of digital gold (bitcoin) at the time of writing is around $96,000, different from the $90,000 to $100,000 range during the November-December 2021 period. The expert's conclusion is that the metric Binary CDD at the bottom of the chart illustrates a decrease in sales of older bitcoins in December, suggesting anticipation for higher prices.
In summary, spot Bitcoin ETFs have driven greater institutional adoption, market stabilization, and a shift in long-term investor behavior towards more strategic, macro-driven investment approaches, while underpinning strong demand and bullish price outlooks in the Bitcoin market.
Financing institutions are increasingly eyeing Bitcoin as a lucrative option for investing due to the rapid growth and increased stability of the market following the launch of spot Bitcoin ETFs. Institutional capital flows, facilitated by ETFs, have opened up trillions of dollars in potential demand for Bitcoin, driven by growing interest in long-term investment strategies.
As more ETFs integrate Bitcoin into retirement vehicles like 401(k)s and IRAs, institutional investors are increasingly participating in the market via regulated channels, leading to more stable accumulation rather than speculative trading. This trend indicates a shift towards long-term investment behavior in the Bitcoin market, asinstitutional players gain confidence in the regulatory framework and infrastructure surrounding these financial products.
